6Trust accounts to be established by performer representatives

#### 6 Trust accounts to be established by performer representatives 6 Trust accounts to be established by performer representatives > > (1) A performer representative who receives money on behalf of a performer, from any person, must— > > > > > (a) hold the money exclusively for the performer, and > > > > > (b) ensure that the requirements of this Act and the regulations under this Act are complied with in relation to the money. > > > (2) Money received on behalf of a performer by a performer representative that is not paid to the performer immediately (or within such period as may be prescribed by the regulations) must— > > > > > (a) be paid to the credit of a general trust account at an authorised deposit-taking institution in New South Wales and be held in accordance with the regulations, and > > > > > (b) be disbursed as directed by the performer within 14 days after the performer representative receives the money. > > > > Note. > > > > Section 43 provides that the industrial court or Local Court may order a person to pay a pecuniary penalty not exceeding $10,000 for a contravention of paragraph (b). > > > (3) A trust account under this section must be kept exclusively for the purpose of money received on behalf of a performer. > > > (4) A performer representative must keep accounting records in respect of money received on behalf of a performer. > > > (5) The accounting records must— > > > > > (a) disclose at all times the true position concerning the money received, and > > > > > (b) be kept at the principal place of business of the performer representative, and > > > > > (c) be otherwise kept in accordance with the regulations. > > > (6) The regulations may make provision for or with respect to the administration of trust accounts under this section, in particular— > > > > > (a) the establishment of trust accounts, and > > > > > (b) the keeping of documents and records by performer representatives. > > > (7) A person who, without reasonable excuse, contravenes a provision of this section (other than subsection (2) (b)) or the regulations under this section is guilty of an offence. > > > > Maximum penalty—75 penalty units.