Disposal of amount held in prescribed trust account
49F Disposal of amount held in prescribed trust account
A recognised entity that is paid an amount under section 49E(1) must hold the amount in the entity’s prescribed trust account until a party to the contract or instrument becomes entitled, under this division or otherwise according to law, to a repayment or payment of the amount.
Maximum penalty—200 penalty units or 1 year’s imprisonment.
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.
Subsections (1) and (2) apply despite anything in the contract or instrument under which the amount was paid to the entity.
Example—
A contract for the sale of a proposed lot that includes a term that allows for the payment of an amount paid under section 49E(1) would be void to the extent to which it purports to exclude, restrict or otherwise change the effect of a provision of this subdivision.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.