Queensland Consolidated Acts

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

18C Change of financial institution

(1) A trustee must not transfer the project trust account to an alternative financial institution unless—

(a) the alternative financial institution is an approved financial institution; and

(b) all amounts held in the account are transferred with the account to the alternative financial institution; and

(c) the trustee informs the contracting party, the commissioner and the subcontractor beneficiaries about the transfer as prescribed by regulation.

Penalty—

Maximum penalty—200 penalty units.

Note—

See, also, section 18B for the trustee’s obligation to inform the contracting party and the commissioner of closing and opening a project trust account.

(2) When transferring the project trust account to an alternative financial institution, the trustee may withdraw the amounts of interest credited to the account by a financial institution, if the withdrawal is authorised under section 51D .

(3) Nothing in this section enables the trustee to have more than 1 project trust account for a project trust at the same time beyond the period necessary to transfer the project trust account.

(4) In this section—

"alternative financial institution" , for a project trust account, means a financial institution that is not the financial institution at which the account is currently kept.