Saturday, November 28, 2020

Body Corporate And Community Management Act 1997

Chapter 5
Part 2
Division 5
Section 218B

Amounts paid under s 218A to be held in prescribed trust account | Section 218B

(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.

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.

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.

© Sourced from the Queensland Legislation website at 1 April 2020. For the latest information on Queensland Government legislation please go to https://www.legislation.qld.gov.au.

Disclaimer: Reproduced from the Body Corporate and Community Management Act 1997. This website does not give legal advice or other professional advice. You should seek legal or other professional advice before acting and not rely on any of the content on this website.

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