Queensland Consolidated Acts Queensland Consolidated Acts(1) A person, firm or agency who receives money as a trustee in accordance with section 23(1) shall retain the money in the person's, firm's or agency's trust account until the purchaser or vendor becomes entitled, in accordance with this part or otherwise according to law, to a refund or payment of the money whereupon the trustee shall dispose of the money in accordance with the law governing the operation of the person's, firm's or agency's trust account.
Maximum penalty--200 penalty units or 1 year's imprisonment.
(1A) Subsection (1) applies despite anything in the instrument under which the money was paid.
(2) Nothing in section 23 or this section shall be construed as prohibiting the investment by the trustee, in the name of the trustee and in accordance with the law in that respect (if any) governing the operation of the trust account in question, of money retained in that account in pursuance of those sections in any manner agreed upon by the parties to the instrument under or in relation to which the money in question was paid and notified to the trustee in writing signed by the parties.
(3) Money invested as specified in subsection (2) continues to be money in the trust account of the trustee notwithstanding that it is so invested and upon the calling in or maturing of such an investment the proceeds thereof shall, if they are not further invested as so specified, be paid forthwith by the trustee into a trust account maintained or established by the trustee for the purposes of this Act.
Maximum penalty--200 penalty units or 1 year's imprisonment.