13Overdrawn trust account

13 Overdrawn trust account

13 Overdrawn trust account

A head contractor must, within 5 business days after becoming aware that a retention money trust account of the head contractor has become overdrawn, notify the Secretary in writing of—

(a) the name and number of the account, and

(b) the amount by which the account is overdrawn, and

(c) the reason for the account becoming overdrawn.

Maximum penalty—In the case of a corporation, 1,000 penalty units or, in any other case, 200 penalty units.