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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 18C
Change of financial institution
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.
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