BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 218B
Amounts paid under s 218A to be held in prescribed trust account
BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 218B
Amounts paid under s 218A to be held in prescribed trust account
218B Amounts paid under s 218A to be held in prescribed trust account
(1) The person to whom the amount is paid must pay the amount directly to—
(a) if the contract or instrument states the amount is to be paid to either of
the following recognised entities, the recognised entity— (i) a law practice
at its office in Queensland;
(ii) a real estate agent carrying on the
business of a real estate agent; or
(b) if paragraph (a) does not apply, the
public trustee.
Penalty— Maximum penalty—200 penalty units or 1
year’s imprisonment.
(2) An amount paid to a recognised entity mentioned
in subsection (1) (a) or (b) must be— (a) held by the entity in a prescribed
trust account; and
(b) dealt with by the entity in accordance with this
subdivision and the law governing the operation of the entity’s prescribed
trust account.
Penalty— Maximum penalty—200 penalty units or 1
year’s imprisonment.
(3) An amount paid to a law practice under this
section is taken to be trust money under the Legal Profession Act 2007 , part
3.3 .
