Community Titles Act 2018

A scheme manager (other than a volunteer scheme manager) must pay all money received on behalf of a community corporation into 1 of the following accounts —

a separate ADI trust account for the community corporation;

a pooled ADI trust account solely for a number of community corporations for which the person is a scheme manager;

an ADI account of the community corporation nominated to the scheme manager for the purpose by the community corporation.

If a community corporation has a volunteer scheme manager, the community corporation must have an ADI account and the volunteer scheme manager must pay all money received on behalf of the community corporation into an ADI account of the community corporation.

A scheme manager must be able to account separately for money that the scheme manager is paid or receives on behalf of a community corporation.

A scheme manager may pay out of an account mentioned in subsection (1) an amount that is payable by the community corporation on whose behalf money is received.

Money paid into a trust account is not available for the payment of the debt of any creditor of the scheme manager and cannot be attached or taken in execution under an order or process of any court at the instance of a creditor of the scheme manager.

The regulations may provide for other matters relating to the operation of trust accounts by scheme managers.