sec.53BPower to issue directions affecting trust accounts

### sec.53B Power to issue directions affecting trust accounts This section applies if— the contract for a project trust or retention trust (the trust contract ) is terminated; or the contracted party for the trust contract becomes an insolvent under administration; or the commissioner reasonably suspects a trust account is not being used as required under this Act or is being used in a way that is inconsistent with this Act; or for a trustee that is a licensee under the Queensland Building and Construction Commission Act 1991 — the trustee’s licence is suspended or cancelled; or the trustee does not satisfy the minimum financial requirements under the Queensland Building and Construction Commission Act 1991 . The commissioner may, by written notice, give the trustee— a direction that an amount not be withdrawn from a stated trust account without the commissioner’s written approval; or a direction that the trustee give the commissioner an account review report for 1 or more of the trust accounts for the trustee. The direction must include the information prescribed by regulation. If the commissioner gives a trustee a direction under subsection (2) — the commissioner must give a copy of the direction to the relevant financial institution; and the commissioner may end or withdraw the direction by giving written notice of the matter to each entity given the direction or a copy of the direction. The trustee must comply with the direction within the period stated in the notice unless the direction is withdrawn. Maximum penalty—100 penalty units. In this section— trustee means— if subsection (1) (a) or (b) applies—the trustee for the project trust or retention trust; or if subsection (1) (c) applies—the trustee for the trust account; or if subsection (1) (d) applies—the trustee mentioned in that subsection. s 53B ins 2020 No. 24 s 63 amd 2023 No. 23 s 247 sch 1 s 2 (3) (sec.53B-ssec.1) This section applies if— the contract for a project trust or retention trust (the trust contract ) is terminated; or the contracted party for the trust contract becomes an insolvent under administration; or the commissioner reasonably suspects a trust account is not being used as required under this Act or is being used in a way that is inconsistent with this Act; or for a trustee that is a licensee under the Queensland Building and Construction Commission Act 1991 — the trustee’s licence is suspended or cancelled; or the trustee does not satisfy the minimum financial requirements under the Queensland Building and Construction Commission Act 1991 . (sec.53B-ssec.2) The commissioner may, by written notice, give the trustee— a direction that an amount not be withdrawn from a stated trust account without the commissioner’s written approval; or a direction that the trustee give the commissioner an account review report for 1 or more of the trust accounts for the trustee. (sec.53B-ssec.3) The direction must include the information prescribed by regulation. (sec.53B-ssec.4) If the commissioner gives a trustee a direction under subsection (2) — the commissioner must give a copy of the direction to the relevant financial institution; and the commissioner may end or withdraw the direction by giving written notice of the matter to each entity given the direction or a copy of the direction. (sec.53B-ssec.5) The trustee must comply with the direction within the period stated in the notice unless the direction is withdrawn. Maximum penalty—100 penalty units. (sec.53B-ssec.6) In this section— trustee means— if subsection (1) (a) or (b) applies—the trustee for the project trust or retention trust; or if subsection (1) (c) applies—the trustee for the trust account; or if subsection (1) (d) applies—the trustee mentioned in that subsection. - (a) the contract for a project trust or retention trust (the trust contract ) is terminated; or - (b) the contracted party for the trust contract becomes an insolvent under administration; or - (c) the commissioner reasonably suspects a trust account is not being used as required under this Act or is being used in a way that is inconsistent with this Act; or - (d) for a trustee that is a licensee under the Queensland Building and Construction Commission Act 1991 — (i) the trustee’s licence is suspended or cancelled; or (ii) the trustee does not satisfy the minimum financial requirements under the Queensland Building and Construction Commission Act 1991 . - (i) the trustee’s licence is suspended or cancelled; or - (ii) the trustee does not satisfy the minimum financial requirements under the Queensland Building and Construction Commission Act 1991 . - (i) the trustee’s licence is suspended or cancelled; or - (ii) the trustee does not satisfy the minimum financial requirements under the Queensland Building and Construction Commission Act 1991 . - (a) a direction that an amount not be withdrawn from a stated trust account without the commissioner’s written approval; or - (b) a direction that the trustee give the commissioner an account review report for 1 or more of the trust accounts for the trustee. - (a) the commissioner must give a copy of the direction to the relevant financial institution; and - (b) the commissioner may end or withdraw the direction by giving written notice of the matter to each entity given the direction or a copy of the direction. - (a) if subsection (1) (a) or (b) applies—the trustee for the project trust or retention trust; or - (b) if subsection (1) (c) applies—the trustee for the trust account; or - (c) if subsection (1) (d) applies—the trustee mentioned in that subsection.