33Aquaculture lease cash deposit security trust account—the Act, s 152(5)

33 Aquaculture lease cash deposit security trust account—the Act, s 152(5)

33 Aquaculture lease cash deposit security trust account—the Act, s 152(5)

(1) The Minister must establish and operate a separate trust account (the aquaculture lease cash deposit security trust account) for the purposes for which amounts are deposited under cash deposit financial arrangements under this part.

(2) The aquaculture lease cash deposit security trust account must be established at an authorised deposit-taking institution located in New South Wales.

(3) The name of the account must include the words “Aquaculture Lease Cash Deposit Security Trust Account”.

(4) Subject to this division, the Minister may determine the way in which the account is operated.

(5) The following amounts must be paid into the account—

(a) all amounts deposited with the Minister by permit holders under a cash deposit financial arrangement,

(b) the interest or other income accruing from investing the money in the account.

(6) The Minister must ensure all amounts referred to in subsection (5)(a) and (b) are paid to the credit of the aquaculture lease cash deposit security trust account.

(7) The money held in the aquaculture lease cash deposit security trust account—

(a) is vested in the Minister as trustee, and

(b) must be applied in accordance with this division.

(8) Amounts may be paid out of the account only for the purposes authorised under this part.

(9) The Minister may invest money held in the account—

(a) in accordance with the Trustee Act 1925, Part 2, Division 2, as if the money were trust funds, or

(b) on deposit with the Treasurer.