Queensland Consolidated Acts
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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 18B
Notice of project trust account’s opening, closing or name change
18B Notice of project trust account’s opening, closing or name change
(1) This section applies if a trustee, or another person on behalf of a
trustee, takes any of the following actions in relation to the
project trust account— (a) opens the account;
(b) changes the name of the
account;
(c) closes the account;
(d) transfers the account.
(2) Within 5
business days after taking the action, the trustee must give to the
contracting party, and must give to the commissioner using an approved way, a
notice— (a) stating the action taken; and
(b) including the information
prescribed by regulation.
Penalty— Maximum penalty—200 penalty
units.
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