Western Australian Current Acts Western Australian Current Acts (1) The following
requirements apply to any retention money trust account —
(a) the
account must be a deposit or transaction account of the recognised financial
institution;
(b) the
name of the account and the description of the account in the records of the
party who established the account must include the words “trust
account”;
(c) as
soon as practicable after the account is established (or after a previously
established account for one construction contract is first used for another
construction contract), the party who established the account must give the
other party to the contract written notice of the establishment of the account
and the following particulars of the account —
(i)
the name of the recognised financial institution with
which the account has been established;
(ii)
the name of the account;
(iii)
the BSB number and account number for the account;
(iv)
any other particulars prescribed by the regulations for
the purposes of this subparagraph.
(2) If any of the
particulars referred to in subsection (1)(c) change, the party who established
the account must give the other party written notice of the change.
(3) A retention money
trust account may be closed —
(a)
after retention money is no longer retained under the construction contract
for which it was established or for which it was being used; or
(b)
after any money in the account is transferred to another retention money trust
account that has been established in accordance with this Part.
(4) If a retention
money trust account is closed, the party who established the account must, as
soon as practicable, give written notice of the closure to the other party to
the contract.