Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Every authorised
financial institution with which a trust account is maintained shall pay to
the credit of the Account interest on the balance of the trust account at the
prescribed rate at such times as are prescribed.
(2)
Subsection (1) does not apply to a separate account.
(3) Where a court
convicts an authorised financial institution of an offence under
subsection (1) and interest required to be paid under that subsection
remains outstanding, the court may, in addition to imposing a penalty, order
the institution to pay to the credit of the Account an amount equal to
the amount of that interest, and any such order may be enforced as if it were
a judgment of the court.
(4) In regulations
made under section 145 the prescribed rate referred to in
subsection (1) may be prescribed by reference to a market rate indicator
specified in the regulations.
[Section 68B inserted by No. 59 of 1995
s. 14.]