Tuesday, September 29, 2020

Body Corporate And Community Management Act 1997

Chapter 5
Part 2
Division 5
Section 218C

Disposal of amount held in prescribed trust account | Section 218C

(1)A recognised entity that is paid an amount under section 218B(1) must hold the amount in the entity’s prescribed trust account until a party to the contract or instrument becomes entitled, under this part 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 imprisonment.

(3)Subsections (1) and (2) apply despite anything in the contract or instrument under which the amount was paid to the recognised entity.

© 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.

didn't find what you are looking for?

Try searching for It

Hello!

Drop us a message!