Trust Accounts Act 1973

Every person who becomes a trustee shall, within 14 days after the person becomes a trustee, lodge with the supervising entity notice in writing of that fact in the approved form.Maximum penalty—5 penalty units.

The notice shall state the full name and full address of the place of practice or business of the trustee and, where the trustee carries on practice or business in partnership, the full names of the persons with whom the trustee carries on such partnership and the name under which the partnership is conducted and shall contain such other particulars as may be prescribed.

Where there is any material change in any of the particulars required to be notified under subsection (1) or (1A) or, in the case of a person who is a trustee at the commencement of this Act, in any particulars that the person would have been required to notify under the subsections if the person had become a trustee after the commencement of this Act, the trustee shall, within 14 days after the change, lodge with the supervising entity notice in writing of the change in the approved form.Maximum penalty—5 penalty units.

Upon ceasing to be a trustee, the person who has ceased to be such, shall forthwith lodge with the supervising entity notice in writing of that fact in the approved form.Maximum penalty—5 penalty units.

A trustee shall, before establishing any account under section 7, notify the supervising entity in writing of the trustee’s intention so to do, specifying the financial institution and the office or branch thereof in which the trustee proposes to open the account and the designation of the account, and shall satisfy the manager or other officer in charge of the office or branch of the financial institution concerned that the trustee has complied with the requirements of this subsection.Maximum penalty—5 penalty units.

A trustee must immediately give to the supervising entity written notice of the establishment of a trust account and the name and the office or branch of the financial institution at which the account is established.Maximum penalty—100 penalty units.

If any of the following happen, the trustee must immediately give to the supervising entity written notice of that fact—

a change in the name of a trust account;

the transfer of a trust account to another office or branch of the financial institution at which the account is established;

the transfer of a trust account to another financial institution;

the closing of a trust account.