9Requirements for establishment of trust account

#### 9 Requirements for establishment of trust account 9 Requirements for establishment of trust account > > (1) A head contractor who establishes a retention money trust account must ensure that the name of the account and the description of the account in the records of the head contractor include the name of the head contractor and the words “Trust Account”. > > > > Maximum penalty—In the case of a corporation, 1,000 penalty units or, in any other case, 200 penalty units. > > > (2) When establishing a retention money trust account with an approved ADI, a head contractor must ensure that the approved ADI is notified in writing that the account is a trust account required to be established for the purposes of this Part. > > > > Maximum penalty—In the case of a corporation, 1,000 penalty units or, in any other case, 200 penalty units. > > > (3) A head contractor must, within 10 business days after establishing a retention money trust account, notify the Secretary in writing of the following— > > > > > (a) the name of the approved ADI and the branch or BSB number of the branch of the approved ADI at which the account has been established, > > > > > (b) the name of the account, > > > > > (c) the number of the account, > > > > > (d) the opening balance of the account, > > > > > (e) the date the account was opened. > > > > Maximum penalty—In the case of a corporation, 1,000 penalty units or, in any other case, 200 penalty units.