Queensland Consolidated Regulations

TRUST ACCOUNTS REGULATION 1999 - REG 30

30 When payment may be made

(1) This section applies if—

(a) a former trustee has given a security to the chief executive under former section 31 (2) of the Act ; and

(b) the former trustee is convicted of an offence involving the misapplication of trust moneys; and

(c) a person entitled to trust moneys held by the former trustee suffers a financial loss from the misapplication of the trust moneys.

(2) The chief executive may, from the amount payable under the former trustee’s security, pay to the person an amount not more than the amount misapplied by the trustee.

(3) However, the chief executive may only pay the person an amount from the former trustee’s security if—

(a) the chief executive is satisfied the person has suffered a financial loss because the trust moneys have been misapplied; and

(b) the person has applied for the payment under section 32 .

(4) In this section—

"convicted" includes being found guilty, and the acceptance of a plea of guilty, by a court, whether or not a conviction is recorded.