Queensland Consolidated Acts
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BUILDING UNITS AND GROUP TITLES ACT 1980 - SECT 49F
Disposal of amount held in prescribed trust account
(1) A recognised entity that is paid an amount under section 49E (1) must hold
the amount in the entity’s prescribed trust account until a party to the
contract or instrument becomes entitled, under this division or otherwise
according to law, to a repayment or payment of the amount.
Maximum penalty—200 penalty units or 1 year’s imprisonment.
(2) On a
party becoming entitled to a repayment or payment of the amount, the
recognised entity must dispose of the amount in accordance with the law
governing the operation of the entity’s prescribed trust account.
Maximum penalty—200 penalty units or 1 year’s
(3) Subsections (1) and (2) apply despite anything in the
contract or instrument under which the amount was paid to the entity.
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