34Aquaculture lease annual default arrangement payment security trust account—the Act, s 152(5)

34 Aquaculture lease annual default arrangement payment security trust account—the Act, s 152(5)

34 Aquaculture lease annual default arrangement payment security trust account—the Act, s 152(5)

(1) The Minister must establish and operate a separate trust account (the aquaculture lease annual default arrangement payment security trust account) for the purposes of the default financial arrangement under this part.

(2) The 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 Annual Default Arrangement Payment 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 annual default arrangement payments and additional default arrangement payments paid under this division by permit holders,

(b) all annual default arrangement payments and additional default arrangement payments recovered under the Act, section 288C from permit holders,

(c) 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 annual default arrangement payment security trust account.

(7) The money held in the 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 following purposes—

(a) meeting the recoverable costs incurred by the Minister in carrying out a compliance obligation of a permit holder in relation to whom the default financial arrangement applies,

(b) meeting the expenses incurred by the Minister in administering the account.

(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