New South Wales Consolidated Acts

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ENTERTAINMENT INDUSTRY ACT 2013 - SECT 6

Trust accounts to be established by performer representatives

6 Trust accounts to be established by performer representatives

(1) A performer representative who receives money on behalf of a performer, from any person, must--
(a) hold the money exclusively for the performer, and
(b) ensure that the requirements of this Act and the regulations under this Act are complied with in relation to the money.
(2) Money received on behalf of a performer by a performer representative that is not paid to the performer immediately (or within such period as may be prescribed by the regulations) must--
(a) be paid to the credit of a general trust account at an authorised deposit-taking institution in New South Wales and be held in accordance with the regulations, and
(b) be disbursed as directed by the performer within 14 days after the performer representative receives the money.
Note : Section 43 provides that the industrial court or Local Court may order a person to pay a pecuniary penalty not exceeding $10,000 for a contravention of paragraph (b).
(3) A trust account under this section must be kept exclusively for the purpose of money received on behalf of a performer.
(4) A performer representative must keep accounting records in respect of money received on behalf of a performer.
(5) The accounting records must--
(a) disclose at all times the true position concerning the money received, and
(b) be kept at the principal place of business of the performer representative, and
(c) be otherwise kept in accordance with the regulations.
(6) The regulations may make provision for or with respect to the administration of trust accounts under this section, in particular--
(a) the establishment of trust accounts, and
(b) the keeping of documents and records by performer representatives.
(7) A person who, without reasonable excuse, contravenes a provision of this section (other than subsection (2) (b)) or the regulations under this section is guilty of an offence.
: Maximum penalty--75 penalty units.



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