STRATA TITLES ACT 1985 - SECT 148

STRATA TITLES ACT 1985 - SECT 148

148 .         Operation of accounts

        (1)         A strata manager (other than a volunteer strata manager) must pay all money received on behalf of a strata company into 1 of the following accounts —

            (a)         a separate ADI trust account for the strata company;

            (b)         a pooled ADI trust account solely for the strata companies for which the person is a strata manager;

            (c)         if the strata company has its own ADI account and has authorised the strata manager to use the account, that account.

        (2)         If a strata company has a volunteer strata manager, the strata company must have an ADI account and the volunteer strata manager must pay all money received on behalf of a strata company into an ADI account of the strata company.

        (3)         A strata manager must be able to account separately for money that the strata manager is paid or receives on behalf of a strata company.

        (4)         A strata manager may pay out of an account mentioned in subsection (1) an amount that is payable by the strata company on whose behalf money is received.

        (5)         Money paid into a trust account is not available for the payment of the debt of any creditor of the strata manager and cannot be attached or taken in execution under an order or process of any court at the instance of a creditor of the strata manager.

        (6)         The regulations may provide for other matters relating to the operation of trust accounts by strata managers.

        [Section 148 inserted: No. 30 of 2018 s. 83.]