sec.36Limited purposes for which money may be withdrawn from retention trust account

### sec.36 Limited purposes for which money may be withdrawn from retention trust account A trustee must not withdraw an amount from the retention trust account for any purpose other than— paying a beneficiary who is a contracted party from whom a retention amount was withheld from payment; or paying the trustee, as contracting party, for the purpose of correcting defects or omissions in contracted work, or otherwise to secure, wholly or partly, the performance of a contract; or paying another person for the purpose of correcting defects or omissions in contracted work. As the contracting party for a contract, the trustee’s ability to make a payment mentioned in paragraph (a) , (b) or (c) would be governed by the contract under which the retention amount was withheld. Maximum penalty—300 penalty units or 2 years imprisonment. A trustee must not withdraw an amount from the retention trust account for a payment mentioned in subsection (1) (b) until after the defects liability period, applying to the amount, ends. Maximum penalty—300 penalty units or 2 years imprisonment. The trustee must repay all amounts the trustee withdraws in contravention of subsection (1) as soon as practicable after withdrawing the amount. Maximum penalty—300 penalty units or 2 years imprisonment. The trustee is taken to have withdrawn an amount from the retention trust account if— the trustee authorises any person to make the withdrawal; or the trustee knowingly contributes to the withdrawal being made. This section does not apply to that part of a retention amount withheld from payment under a contract that is beyond the amount that may be lawfully withheld under the contract. See the Queensland Building and Construction Commission Act 1991 , part 4A for limits on retention amounts that may be withheld from payment under a contract. s 36 amd 2018 No. 17 s 176V sub 2020 No. 24 s 63 (sec.36-ssec.1) A trustee must not withdraw an amount from the retention trust account for any purpose other than— paying a beneficiary who is a contracted party from whom a retention amount was withheld from payment; or paying the trustee, as contracting party, for the purpose of correcting defects or omissions in contracted work, or otherwise to secure, wholly or partly, the performance of a contract; or paying another person for the purpose of correcting defects or omissions in contracted work. As the contracting party for a contract, the trustee’s ability to make a payment mentioned in paragraph (a) , (b) or (c) would be governed by the contract under which the retention amount was withheld. Maximum penalty—300 penalty units or 2 years imprisonment. (sec.36-ssec.2) A trustee must not withdraw an amount from the retention trust account for a payment mentioned in subsection (1) (b) until after the defects liability period, applying to the amount, ends. Maximum penalty—300 penalty units or 2 years imprisonment. (sec.36-ssec.3) The trustee must repay all amounts the trustee withdraws in contravention of subsection (1) as soon as practicable after withdrawing the amount. Maximum penalty—300 penalty units or 2 years imprisonment. (sec.36-ssec.4) The trustee is taken to have withdrawn an amount from the retention trust account if— the trustee authorises any person to make the withdrawal; or the trustee knowingly contributes to the withdrawal being made. (sec.36-ssec.5) This section does not apply to that part of a retention amount withheld from payment under a contract that is beyond the amount that may be lawfully withheld under the contract. See the Queensland Building and Construction Commission Act 1991 , part 4A for limits on retention amounts that may be withheld from payment under a contract. - (a) paying a beneficiary who is a contracted party from whom a retention amount was withheld from payment; or - (b) paying the trustee, as contracting party, for the purpose of correcting defects or omissions in contracted work, or otherwise to secure, wholly or partly, the performance of a contract; or - (c) paying another person for the purpose of correcting defects or omissions in contracted work. - (a) the trustee authorises any person to make the withdrawal; or - (b) the trustee knowingly contributes to the withdrawal being made.