8Retention money to be held in trust account

#### 8 Retention money to be held in trust account 8 Retention money to be held in trust account > > (1) A head contractor to whom this Part applies must— > > > > > (a) hold the retention money in trust for the subcontractor entitled to the money, and > > > > > (b) ensure that the money is paid into and retained in a trust account established with an approved ADI (a retention money trust account). > > > > Maximum penalty—In the case of a corporation, 1,000 penalty units or, in any other case, 200 penalty units. > > > (2) A head contractor must ensure that the money is paid into the retention money trust account as soon as possible, but no later than 5 business days after the head contractor is required to retain the retention money. > > > > Maximum penalty—In the case of a corporation, 1,000 penalty units or, in any other case, 200 penalty units. > > > (3) A retention money trust account may be established as— > > > > > (a) a separate trust account for the retention money held in respect of a particular subcontractor, or > > > > > (b) a separate trust account for all retention money held in connection with a particular construction contract of the head contractor, or > > > > > (c) a separate trust account for all retention money held in connection with 2 or more (or all) construction contracts of the head contractor.