20B
CurrentOrder of priority
Chapter 2Statutory trusts
Part 2Project trusts
Division 4Project trust administration
Subdivision 4Payments from project trust account
20B Order of priority
A trustee must not withdraw an amount from the project trust account to pay itself, or make another payment prescribed by regulation, unless there would still be a sufficient amount available in the account after the withdrawal to pay all amounts the contracted party is liable to pay subcontractor beneficiaries at the time of the withdrawal.
Maximum penalty—300 penalty units or 2 years imprisonment.
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