sec.18BNotice of project trust account’s opening, closing or name change

### sec.18B Notice of project trust account’s opening, closing or name change This section applies if a trustee, or another person on behalf of a trustee, takes any of the following actions in relation to the project trust account— opens the account; changes the name of the account; closes the account; transfers the account. Within 5 business days after taking the action, the trustee must give to the contracting party, and must give to the commissioner using an approved way, a notice— stating the action taken; and including the information prescribed by regulation. Maximum penalty—200 penalty units. s 18B ins 2020 No. 24 s 63 (sec.18B-ssec.1) This section applies if a trustee, or another person on behalf of a trustee, takes any of the following actions in relation to the project trust account— opens the account; changes the name of the account; closes the account; transfers the account. (sec.18B-ssec.2) Within 5 business days after taking the action, the trustee must give to the contracting party, and must give to the commissioner using an approved way, a notice— stating the action taken; and including the information prescribed by regulation. Maximum penalty—200 penalty units. - (a) opens the account; - (b) changes the name of the account; - (c) closes the account; - (d) transfers the account. - (a) stating the action taken; and - (b) including the information prescribed by regulation.