sec.34ARestrictions for retention trust account

### sec.34A Restrictions for retention trust account A trustee must ensure the retention trust account is held at an approved financial institution. Maximum penalty—200 penalty units. A trustee must ensure the retention trust account is held under a name that includes the trustee’s name and the word ‘trust’. Maximum penalty—200 penalty units. A trustee must ensure that deposits of amounts to, and withdrawals of amounts from, the retention trust account are made using only methods that create an electronic record of the transfer. Maximum penalty—500 penalty units. A trustee must not close the retention trust account unless— all retention amounts held in the account have been released to the parties entitled to it under the relevant contracts; or the account is transferred to an alternative financial institution under section 34C . Maximum penalty—200 penalty units. s 34A ins 2018 No. 17 s 176S sub 2020 No. 24 s 63 (sec.34A-ssec.1) A trustee must ensure the retention trust account is held at an approved financial institution. Maximum penalty—200 penalty units. (sec.34A-ssec.2) A trustee must ensure the retention trust account is held under a name that includes the trustee’s name and the word ‘trust’. Maximum penalty—200 penalty units. (sec.34A-ssec.3) A trustee must ensure that deposits of amounts to, and withdrawals of amounts from, the retention trust account are made using only methods that create an electronic record of the transfer. Maximum penalty—500 penalty units. (sec.34A-ssec.4) A trustee must not close the retention trust account unless— all retention amounts held in the account have been released to the parties entitled to it under the relevant contracts; or the account is transferred to an alternative financial institution under section 34C . Maximum penalty—200 penalty units. - (a) all retention amounts held in the account have been released to the parties entitled to it under the relevant contracts; or - (b) the account is transferred to an alternative financial institution under section 34C .