The Court of Appeal held that funds received by the Queensland Housing Commission under a Funding Agreement were held on trust for the purposes specified in that agreement, such that the payee was constituted a trustee of those funds. The Court also considered whether such funds constituted 'public moneys' under the Financial Administration and Audit Act 1977 (Qld). The appeal was dismissed, upholding the first instance finding that a trust relationship arose from the terms of the funding arrangement.
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