Queensland Consolidated Acts
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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 34C
Change of financial institution
34C Change of financial institution
(1) A trustee must not transfer the retention 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 all contracted
parties, from whom retention amounts held in the account have been withheld
from payment, about the transfer as prescribed by regulation.
Penalty—
Maximum penalty—200 penalty units.
Note— See, also, section 34B for the trustee’s obligation to inform the
commissioner of closing and opening a retention trust account.
(2) When
transferring the retention trust account to an
alternative financial institution, the trustee may withdraw the amounts of
interest credited to the account by a financial institution.
(3) In this
section—
"alternative financial institution" , for a retention trust account, means a
financial institution that is not the financial institution at which the
account is currently kept.
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