New South Wales Consolidated Acts

ENTERTAINMENT INDUSTRY ACT 1989 - SECT 39

39 Trust accounts to be established by agents and managers

(1) If an entertainment industry agent or a manager receives money from any person on behalf of a performer, the agent or manager must:

(a) hold the money exclusively for the performer, and

(b) ensure that the requirements of this section and the regulations under this section are complied with in relation to the money.

(2) Money received on behalf of a performer by an entertainment industry agent or a manager which is not paid to the performer immediately (or within such period as may be prescribed) must:

(a) be paid to the credit of a general trust account at a bank, building society or credit union in New South Wales and be held in accordance with the regulations, and

(b) be disbursed as directed by the performer within such time as may be determined by the Council (but not exceeding 14 days) after the performer becomes entitled to receive the money.

(3) A trust account under this section must be kept exclusively for the purpose of money received on behalf of a performer.

(4) An entertainment industry agent or a manager must keep accounting records in respect of money received on behalf of a performer.

(5) Such accounting records must:

(a) disclose at all times the true position concerning the money received, and

(b) be kept at the principal place of business of the entertainment industry agent or manager, and

(c) be otherwise kept in accordance with the regulations.

(6) The regulations may make provision for the administration of trust accounts under this section and, in particular, the keeping of documents and records by entertainment industry agents and managers.

(7) A person who contravenes a provision of this section or the regulations under it is guilty of an offence.

Maximum penalty: 50 penalty units.