147Board may enter into schemes of arrangement

147 Board may enter into schemes of arrangement

(1)  The Board may enter into a scheme of arrangement with an authorised deposit-taking institution for the keeping of trust accounts.

(2)  [Section 147 Subsection (2) amended by No. 29 of 2022, s. 84, Applied:01 Jul 2023] An authorised deposit-taking institution, with a branch or head office in the State, that is party to a scheme of arrangement is taken to be an approved institution for the purposes of this Act.

(3)  A scheme of arrangement may provide for all or any of the following:

(a) the payment to the Trust of interest on money held in trust accounts;

(b) the disclosure to the Board of trust account balances and other information about trust accounts;

(c) the auditing of trust accounts;

(d) any other matter related to the keeping of trust accounts that the Board considers to be necessary or expedient for the purposes of this Part.

(4)  A scheme of arrangement –

(a) is to be in writing; and

(b) is not to contain terms that are inconsistent with this Act; and

(c) is not to contain terms that discriminate against another approved institution; and

(d) may be varied or terminated in accordance with its terms or as may be prescribed.

(5)  The Board must –

(a) from time to time, notify real estate agents named in Part 1(1) of the Register, property managers named in Part 2(1) of the Register and general auctioneers named in Part 3(1) of the Register of the authorised deposit-taking institutions that are approved institutions; and

(b) notify such property agents as soon as practicable if an authorised deposit-taking institution ceases to be an approved institution.