114Operator to hold money in trust

#### 114 Operator to hold money in trust 114 Operator to hold money in trust > When the operator of a community receives any money under a selling agency agreement (except sale commission payable to the operator under the agreement), the operator holds the money in trust and must— > > > (a) deposit the money, as soon as possible but within 7 days after receiving it, in an ADI account that is— > > > > > (i) used only for depositing money under selling agency agreements, and > > > > > (ii) opened in the name of the operator, and > > > > > (iii) entitled “sales trust account”, and > > > (b) when the sale is completed, pay the proceeds at the direction of the home owner, after deducting— > > > > > (i) any amounts owing to the operator by way of expenses or commission under the selling agency agreement, and > > > > > (ii) any other fees and charges owing to the operator under the site agreement. > > Note. > > The [Interpretation Act 1987](/view/html/inforce/current/act-1987-015) defines an ADI as an authorised deposit-taking institution within the meaning of the [Banking Act 1959](http://www.legislation.gov.au/) of the Commonwealth. > > **s 114:** Am 2023 No 7, Sch 3.24.