QLDIn ForceAct
Building Industry Fairness (Security of Payment) Act 2017
sec.51Trustee to cover shortfalls
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### sec.51 Trustee to cover shortfalls
This section applies if there is an insufficient amount available in a trust account to pay an amount due to be paid to a beneficiary of the trust.
The trustee must immediately deposit an amount equal to the shortfall in the trust account (a shortfall deposit ).
Maximum penalty—100 penalty units or 1 year’s imprisonment.
In this section—
shortfall , in a trust account, means an amount equal to the difference between the amount available in the trust account for payment and the amount to be paid from the account.
s 51 sub 2020 No. 24 s 63
(sec.51-ssec.1) This section applies if there is an insufficient amount available in a trust account to pay an amount due to be paid to a beneficiary of the trust.
(sec.51-ssec.2) The trustee must immediately deposit an amount equal to the shortfall in the trust account (a shortfall deposit ). Maximum penalty—100 penalty units or 1 year’s imprisonment.
(sec.51-ssec.3) In this section— shortfall , in a trust account, means an amount equal to the difference between the amount available in the trust account for payment and the amount to be paid from the account.