38Failure to keep deposits in trust

38 Failure to keep deposits in trust (a) the operator receives an amount as— (i) a holding deposit; or (ii) a deposit under a village contract; and (b) fails to give the amount to a trustee to hold on trust. (3) A receipt issued by a trustee in relation to an amount received under subsection (1) is evidence that a person has not contravened (4) Subsection (1) does not apply in relation to an amount held by an operator of a retirement village if the operator is a body constituted or established— (a) by an Act; or (b) for a benevolent, philanthropic or patriotic purpose. Note A defendant has an evidential burden in relation to the matters mentioned in s (4) and s (5) (see Criminal Code, s 58). (5) Subsection (1) (a) (ii) does not apply in relation to a contract for the sale of residential premises if the contract provides for the way in which the deposit is to be held. Note A defendant has an evidential burden in relation to the matters mentioned in s (4) and s (5) (see Criminal Code, s 58).