City of Brisbane Regulation 2012
sec.192Trust fund
Start here
Get a plain-English read of sec.192
Turn the raw legal text into a practical explanation grounded in City of Brisbane Regulation 2012.
sec.192 Trust fund
The council must establish a trust fund. A trust fund is a fund that is credited with trust money. Trust money is money that is— paid to the council in trust for a person; or paid to the council as a deposit; or required by an Act to be credited to a trust fund; or interest accrued on money that was paid to the council under paragraphs (a) to (c) , whether or not the money was required to be paid to the council, unless the council and the depositor have agreed the interest accrued should be paid to an entity other than the council. The council must deposit trust money in a financial institution account. The council must not allow a financial institution account in which trust money has been deposited to be overdrawn at any time. The council must, at least monthly, reconcile the assets of the trust fund with the liabilities of the trust fund. (sec.192-ssec.1) The council must establish a trust fund. (sec.192-ssec.2) A trust fund is a fund that is credited with trust money. (sec.192-ssec.3) Trust money is money that is— paid to the council in trust for a person; or paid to the council as a deposit; or required by an Act to be credited to a trust fund; or interest accrued on money that was paid to the council under paragraphs (a) to (c) , whether or not the money was required to be paid to the council, unless the council and the depositor have agreed the interest accrued should be paid to an entity other than the council. (sec.192-ssec.4) The council must deposit trust money in a financial institution account. (sec.192-ssec.5) The council must not allow a financial institution account in which trust money has been deposited to be overdrawn at any time. (sec.192-ssec.6) The council must, at least monthly, reconcile the assets of the trust fund with the liabilities of the trust fund.
- (a) paid to the council in trust for a person; or
- (b) paid to the council as a deposit; or
- (c) required by an Act to be credited to a trust fund; or
- (d) interest accrued on money that was paid to the council under paragraphs (a) to (c) , whether or not the money was required to be paid to the council, unless the council and the depositor have agreed the interest accrued should be paid to an entity other than the council.