Queensland Consolidated Acts

BUILDING UNITS AND GROUP TITLES ACT 1980 - SECT 49E

49E Amounts paid under s 49D 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 .