Queensland Consolidated Regulations

TRUST ACCOUNTS REGULATION 1999 - REG 10

10 Disbursements

(1) A trustee must not draw against or cause any payment to be made from a trust account kept by the trustee for a particular matter conducted by the trustee for a person unless—

(a) the amount of the withdrawal or payment is not more than the amount of cleared funds in the account for the matter; and

(b) if the trustee draws a cheque under section 12 (1) of the Act , the cheque is signed by—

(i) if the trustee is an individual—the trustee or a person appointed by the trustee; or

(ii) if the trustee is a partnership—a partner.

Penalty—

Maximum penalty—10 penalty units.

(2) If the trustee draws a cheque under section 12 (1) of the Act , the trustee must also ensure the following particulars are written on the trustee’s cheque butt or other document—

(a) the date the cheque is drawn;

(b) the name of the person to whom the cheque is made payable;

(c) the name of the person on whose behalf the cheque is drawn;

(d) a brief description of the matter for which the cheque is drawn;

(e) the amount withdrawn.

Penalty—

Maximum penalty—10 penalty units.

(3) Also, if a payment is made from a trust account by a cheque drawn on, or permitting or enabling payment to be made by, a financial institution, the trustee must ensure that the name of the person beneficially entitled to the trust moneys is written on—

(a) the trustee’s cheque; and

(b) the trustee’s cheque butt or other document.

Penalty—

Maximum penalty—10 penalty units.

(4) A trustee must keep each cheque butt or other document containing the particulars mentioned in subsection (2) or (3) securely in the trustee’s records.

Example of ‘other document’—

a cheque requisition form