Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 37A

37A Unauthorised dissolution of retention trust

(1) A trustee must not purport to dissolve the retention trust before it is dissolved under section 37 (1) .

Penalty—

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

(2) Without limiting subsection (1) , a trustee is taken to purport to dissolve the retention trust if the trustee closes the retention trust account while the trust is still required under section 32 .

(3) Subsection (2) does not apply to a trustee transferring the retention trust account to another financial institution under section 34C .