QLDIn ForceAct
Building Industry Fairness (Security of Payment) Act 2017
sec.37AUnauthorised dissolution of retention trust
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### sec.37A Unauthorised dissolution of retention trust
A trustee must not purport to dissolve the retention trust before it is dissolved under section 37 (1) .
Maximum penalty—500 penalty units or 1 year’s imprisonment.
Without limiting subsection (1) , a trustee is taken to purport to dissolve the retention trust if the trustee closes the retention trust account while the trust is still required under section 32 .
Subsection (2) does not apply to a trustee transferring the retention trust account to another financial institution under section 34C .
s 37A ins 2020 No. 24 s 63
(sec.37A-ssec.1) A trustee must not purport to dissolve the retention trust before it is dissolved under section 37 (1) . Maximum penalty—500 penalty units or 1 year’s imprisonment.
(sec.37A-ssec.2) Without limiting subsection (1) , a trustee is taken to purport to dissolve the retention trust if the trustee closes the retention trust account while the trust is still required under section 32 .
(sec.37A-ssec.3) Subsection (2) does not apply to a trustee transferring the retention trust account to another financial institution under section 34C .