New South Wales Consolidated Regulations

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BUILDING AND CONSTRUCTION INDUSTRY SECURITY OF PAYMENT REGULATION 2008

- Made under the Building and Construction Industry Security of Payment Act 1999
- As at 10 March 2017
- Reg 139 of 2008

TABLE OF PROVISIONS

   PART 1 - PRELIMINARY

   1.      Name of Regulation
   2.      Commencement
   3.      Interpretation

   PART 2 - TRUST ACCOUNTS FOR RETENTION MONEY

           Division 1 - Preliminary

   4.      Definitions
   5.      Application of Part-projects with a value of at least $20 million

           Division 2 - Trust account requirements

   6.      Retention money to be held in trust account
   7.      Requirements for establishment of trust account
   8.      Withdrawals from trust account
   9.      Interest earned on trust account
   10.     Retention money not available to pay head contractor’s debts
   11.     Overdrawn trust account
   12.     Closure of trust account
   13.     Financial institutions not subject to certain obligations and liabilities

           Division 3 - Records and information

   14.     Trust account records
   15.     Power to require information
   16.     Annual report on trust account
   17.     Offence of providing false or misleading information

   PART 3 - MISCELLANEOUS

   18.     Recognised financial institutions
   19.     Supporting statements
   20.     Exemptions
           SCHEDULE 1
           SCHEDULE 2


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