Section sec.163 - Property Occupations Act 2014 - Part payment to be held in trust

sec.163Part payment to be held in trust

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### sec.163 Part payment to be held in trust The part payment must be held— if the part payment is paid to the public trustee, by the public trustee in a trust account kept for this Act by the public trustee; or if the part payment is paid to an individual, by the individual in a trust account kept for this Act by— the individual; or if the individual is a member of a firm or partnership, the firm or partnership of which the individual is a member. The part payment must be dealt with by the public trustee, individual, firm or partnership in accordance with the law governing the operation of the public trustee’s, individual’s, firm’s or partnership’s trust account. (sec.163-ssec.1) The part payment must be held— if the part payment is paid to the public trustee, by the public trustee in a trust account kept for this Act by the public trustee; or if the part payment is paid to an individual, by the individual in a trust account kept for this Act by— the individual; or if the individual is a member of a firm or partnership, the firm or partnership of which the individual is a member. (sec.163-ssec.2) The part payment must be dealt with by the public trustee, individual, firm or partnership in accordance with the law governing the operation of the public trustee’s, individual’s, firm’s or partnership’s trust account. - (a) if the part payment is paid to the public trustee, by the public trustee in a trust account kept for this Act by the public trustee; or - (b) if the part payment is paid to an individual, by the individual in a trust account kept for this Act by— (i) the individual; or (ii) if the individual is a member of a firm or partnership, the firm or partnership of which the individual is a member. - (i) the individual; or - (ii) if the individual is a member of a firm or partnership, the firm or partnership of which the individual is a member. - (i) the individual; or - (ii) if the individual is a member of a firm or partnership, the firm or partnership of which the individual is a member.