Tuesday, September 22, 2020

Body Corporate And Community Management Act 1997

Chapter 5
Part 2
Division 5
Section 218D

Investment of amount held in prescribed trust account | Section 218D

(1)A recognised entity that holds an amount paid under section 218B(1) in a prescribed trust account may invest the amount if—

(a)either of the following applies—

(i)the contract or instrument authorises the investment;

(ii)the parties to the contract or instrument give the entity their consent to the investment by signed written notice; and

(b)the investment is carried out in accordance with the law governing the operation of the prescribed trust account.

(2)An amount invested as mentioned in subsection (1) is taken to be an amount in the prescribed trust account.

(3)Any proceeds of an investment of an amount as mentioned in subsection (1) must be paid into the prescribed trust account, unless the proceeds are further invested as mentioned in subsection (1).

Maximum penalty for subsection (3)—200 penalty units or 1 year’s imprisonment.

© 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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