Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 18A

18A Restrictions for project trust account

(1) A trustee must ensure the project trust account is held at an approved financial institution.

Penalty—

Maximum penalty—200 penalty units.

(2) A trustee must ensure the project trust account is held under a name that includes the trustee’s name and the word ‘trust’.

Penalty—

Maximum penalty—200 penalty units.

(3) A trustee must ensure that deposits of amounts to, and withdrawals of amounts from, the project trust account are made using only methods that create an electronic record of the transfer.

Penalty—

Maximum penalty—500 penalty units.