Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 19A

19A Limited purposes for which money may be deposited in project trust account

(1) A trustee must not cause an amount to be deposited into the project trust account for any purpose other than—

(a) paying the trustee, as the contracted party, an amount the contracting party must deposit into the account under section 19 (2) ; or

(b) paying a subcontractor beneficiary an amount the contracted party is liable to pay the beneficiary in connection with its subcontract; or

(c) repaying an amount withdrawn from the account in error; or

(d) making another payment prescribed by regulation.

Penalty—

Maximum penalty—200 penalty units or 1 year’s imprisonment.

(2) This section does not apply to an amount of interest credited to the project trust account by a financial institution.