Queensland Consolidated Acts

BUILDING UNITS AND GROUP TITLES ACT 1980 - SECT 49G

49G Investment of amount held in prescribed trust account

(1) A recognised entity that holds an amount paid under section 49E (1) in a prescribed trust account may invest the amount if—

(a) either of the following applies—

(i) the contract or instrument authorises the investment;

(ii) the parties to the contract or instrument give the entity their consent to the investment by signed written notice; and

(b) the investment is carried out in accordance with the law governing the operation of the prescribed trust account.

(2) An amount invested as mentioned in subsection (1) is taken to be an amount in the prescribed trust account.

(3) Any proceeds of an investment of an amount as mentioned in subsection (1) must be paid into the prescribed trust account, unless the proceeds are further invested as mentioned in subsection (1) .

Penalty—

Maximum penalty for subsection (3) —200 penalty units or 1 year’s imprisonment.