QLDIn ForceAct
Building Industry Fairness (Security of Payment) Act 2017
sec.21AUnauthorised dissolution of project trust
Start here
Get a plain-English read of sec.21A
Turn the raw legal text into a practical explanation grounded in Building Industry Fairness (Security of Payment) Act 2017.
### sec.21A Unauthorised dissolution of project trust
A person must not purport to dissolve a project trust before it may be dissolved under section 21 (1) .
Maximum penalty—500 penalty units or 1 year’s imprisonment.
Without limiting subsection (1) , the person is taken to purport to dissolve a project trust if the person closes the account for the trust while it is still required.
Subsection (2) does not apply to a person transferring the project trust account to another financial institution under section 18C .
s 21A ins 2020 No. 24 s 63
(sec.21A-ssec.1) A person must not purport to dissolve a project trust before it may be dissolved under section 21 (1) . Maximum penalty—500 penalty units or 1 year’s imprisonment.
(sec.21A-ssec.2) Without limiting subsection (1) , the person is taken to purport to dissolve a project trust if the person closes the account for the trust while it is still required.
(sec.21A-ssec.3) Subsection (2) does not apply to a person transferring the project trust account to another financial institution under section 18C .