Western Australian Current Acts Western Australian Current Acts (1) A strata manager
(other than a volunteer strata manager) must pay all money received on behalf
of a strata company into 1 of the following accounts —
(a) a
separate ADI trust account for the strata company;
(b) a
pooled ADI trust account solely for the strata companies for which the person
is a strata manager;
(c) if
the strata company has its own ADI account and has authorised the strata
manager to use the account, that account.
(2) If a strata
company has a volunteer strata manager, the strata company must have an ADI
account and the volunteer strata manager must pay all money received on behalf
of a strata company into an ADI account of the strata company.
(3) A strata manager
must be able to account separately for money that the strata manager is paid
or receives on behalf of a strata company.
(4) A strata manager
may pay out of an account mentioned in subsection (1) an amount that is
payable by the strata company on whose behalf money is received.
(5) Money paid into a
trust account is not available for the payment of the debt of any creditor of
the strata manager and cannot be attached or taken in execution under an order
or process of any court at the instance of a creditor of the strata manager.
(6) The regulations
may provide for other matters relating to the operation of trust accounts by
strata managers.
[Section 148 inserted: No. 30 of 2018 s. 83.]