Queensland Consolidated Regulations

ABORIGINAL LAND REGULATION 2011 - REG 6

6 Immunity of members

(1) A member—

(a) is chargeable only for amounts and securities actually received even though the member signed a receipt for the amount or security; and

(b) is answerable and accountable only for the member’s own acts, receipts, neglects or defaults.

(2) Without limiting subsection (1) , a member is not answerable or accountable for—

(a) the acts, receipts, neglects or defaults of another member or the land trust; or

(b) the acts, receipts, neglects or defaults of a bank, broker or other person with whom trust property is deposited; or

(c) the insufficiency or deficiency of any securities or another loss unless the insufficiency, deficiency or loss happens because of the member’s default.