Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 34A

34A Restrictions for retention trust account

(1) A trustee must ensure the retention trust account is held at an approved financial institution.

Penalty—

Maximum penalty—200 penalty units.

(2) A trustee must ensure the retention trust account is held under a name that includes the trustee’s name and the word ‘trust’.

Penalty—

Maximum penalty—200 penalty units.

(3) A trustee must ensure that deposits of amounts to, and withdrawals of amounts from, the retention trust account are made using only methods that create an electronic record of the transfer.

Penalty—

Maximum penalty—500 penalty units.

(4) A trustee must not close the retention trust account unless—

(a) all retention amounts held in the account have been released to the parties entitled to it under the relevant contracts; or

(b) the account is transferred to an alternative financial institution under section 34C .

Penalty—

Maximum penalty—200 penalty units.