Part 4Retention money trusts

Part 4 — Retention money trusts 69. Terms used 74 70. Construction contracts to which Part applies 76 71. Retention money to be held on trust 78 72. Beneficial interests of parties to contract in retention money trusts 79 73. Requirement to draw down debt facility or otherwise set aside retention money required to be held on trust 79 74. Establishment of retention money trust accounts and payments into trust accounts 80 75. Requirements relating to establishment of retention money trust accounts 81 76. Withdrawals from retention money trust accounts 82 77. Decisions on payments into or out of retention money trust accounts by adjudicators, courts, arbitrators and experts 84 78. Trust account interest and fees 84 79. Trust records 85 80. Power to employ agents 86 81. Recognised financial institutions not subject to certain obligations and liabilities 86 82. Application of *Personal Property Securities Act 2009* (Cwlth) 87 83. Trusts under this Part prevail over construction or other contracts 87 84. General jurisdiction of courts to supervise trusts preserved 87 85. Application of *Trustees Act 1962* 88 86. Indemnity of trustee from trust under this Part 88 87. Offence for failure to comply with certain requirements of this Part 89