Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 21A

21A Unauthorised dissolution of project trust

(1) A person must not purport to dissolve a project trust before it may be dissolved under section 21 (1) .

Penalty—

Maximum penalty—500 penalty units or 1 year’s imprisonment.

(2) Without limiting subsection (1) , the person is taken to purport to dissolve a project trust if the person closes the account for the trust while it is still required.

(3) Subsection (2) does not apply to a person transferring the project trust account to another financial institution under section 18C .