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Queensland
TRUST ACCOUNTS
AMENDMENT BILL 1997
Queensland
TRUST ACCOUNTS AMENDMENT BILL
1997
TABLE OF PROVISIONS
Section Page
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
3 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Amendment of s 4 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
5 Insertion of new s 4E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
4E Meaning of "supervising entity" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6 Amendment of s 5 (Trustee to give notice to chief executive etc.) . . . . . . 6
7 Amendment of s 6 (Accounts to be kept by trustees) . . . . . . . . . . . . . . . . . . 7
8 Amendment of s 7 (Moneys received by trustee to be paid into a
trust account) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
9 Amendment of s 8 (Purposes for which money may be withdrawn
from trust account) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
10 Amendment of s 11 (Claims and liens not affected) . . . . . . . . . . . . . . . . . . 9
11 Amendment of s 12 (Disbursements from trust account) . . . . . . . . . . . . . . . 9
12 Amendment of s 14 (Trustee to appoint auditor) . . . . . . . . . . . . . . . . . . . . . 9
13 Amendment of s 15 (Qualifications, resignation, termination of
appointment of auditor) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
14 Amendment of s 16 (Audit of trust accounts) . . . . . . . . . . . . . . . . . . . . . . . . 11
15 Amendment of s 17 (Duties of auditor) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
16 Amendment of s 18 (Auditor to make unannounced examinations) . . . . . . 13
17 Amendment of s 19 (Auditing of accounts on ceasing to be trustee) . . . . . 14
18 Amendment of s 20 (Report of auditor to be laid before Minister
in certain cases) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
19 Amendment of s 21 (Power of Minister to appoint independent auditor) . . 15
2
Trust Accounts Amendment
20 Amendment of s 23 (Auditor to report to Minister) . . . . . . . . . . . . . . . . . . . 15
21 Amendment of s 25 (As to right of auditors and employees to
communicate certain matters) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
22 Amendment of s 26 (Books, accounts and records to be produced
upon demand) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
23 Amendment of s 27 (Duties of bank relating to trustee's accounts) . . . . . . 16
24 Insertion of new ss 28A-28B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
28A Supervising entity to report annually to Minister . . . . . . . . . . . . . . . 17
28B Duty of supervising entity to report suspected offences . . . . . . . . . . 17
25 Replacement of s 30 (Inspection of auditor's reports) . . . . . . . . . . . . . . . . . 18
30 Inspection of auditor's reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
26 Amendment of s 33 (Return of property in trustees' hands to
which beneficiaries are absolutely entitled) . . . . . . . . . . . . . . . . . . . . . . . . . 18
27 Amendment of s 34 (When public trustee may control operations
on trust accounts) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
28 Amendment of s 36 (Act to apply in respect of certain moneys
and bank accounts) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
29 Replacement of ss 38 and 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
38 Proceedings for offences are summary proceedings . . . . . . . . . . . . . 20
30 Insertion of new ss 42-43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
42 Transitional provision about financial period . . . . . . . . . . . . . . . . . . 21
43 Chief executive to give information to supervising entity . . . . . . . . 21
SCHEDULE . . . . . . . . . . . . . . . . . . . . . . . . . 22
MINOR AMENDMENTS
1997
A BILL
FOR
An Act to amend the Trust Accounts Act 1973
s1 4 s4
Trust Accounts Amendment
The Parliament of Queensland enacts-- 1
title 2
Short
Clause 1. This Act may be cited as the Trust Accounts Amendment Act 1997. 3
4
Commencement
Clause 2. This Act commences on a day to be fixed by proclamation. 5
amended 6
Act
Clause 3. This Act amends the Trust Accounts Act 1973. 7
of s 4 (Interpretation) 8
Amendment
Clause 4.(1) Section 4, heading-- 9
omit, insert-- 10
`Definitions'. 11
(2) Section 4(1), definitions "approved", "financial period", 12
"repealed Acts" and "trust account"-- 13
omit. 14
(3) Section 4(1)-- 15
insert-- 16
` "financial period", for a trustee, means-- 17
(a) for the first period after the trustee becomes a trustee--the period 18
(not more than a year) starting on the day the trustee becomes a 19
trustee and ending on 31 March; or 20
(b) for any other period--a year ending on 31 March. 21
"supervising entity" see section 4E. 22
"trust account" means a trust account kept under this Act, whether 23
established before or after 1 July 1973.'. 24
s5 5 s5
Trust Accounts Amendment
(4) Section 4(1), definition "trustee", from `includes'-- 1
omit, insert-- 2
`includes a person declared under a regulation to be a trustee.'. 3
(5) Section 4(2), as heading-- 4
insert-- 5
`References to moneys received by a trustee'. 6
(6) Section 4(3), as heading-- 7
insert-- 8
`References to books, accounts etc. of trustee in partnership'. 9
(7) Section 4(4), as heading-- 10
insert-- 11
`Act continues to apply to particular persons after they stop being 12
trustees'. 13
(8) Section 4(5)-- 14
omit. 15
(9) Section 4(6), as heading-- 16
insert-- 17
`Act applies to trustees and receivers appointed under Queensland 18
Law Society Act 1952'. 19
(10) Section 4(2) to (4) and (6)-- 20
renumber as sections 4A to 4D. 21
of new s 4E 22
Insertion
Clause 5. After section 4D, as renumbered-- 23
insert-- 24
of "supervising entity" 25
`Meaning
`4E.(1) A "supervising entity" is an entity that under subsection (2) 26
or (4) is the supervising entity for a trustee. 27
s6 6 s6
Trust Accounts Amendment
`(2) An entity is the "supervising entity" for a trustee if a regulation 1
declares the entity to be the supervising entity for the trustee. 2
`(3) However, a regulation may declare an entity to be a supervising 3
entity only if the chief executive is satisfied-- 4
(a) the entity has the qualifications, experience or standing necessary 5
to perform the functions of a supervising entity under this Act; 6
and 7
(b) anyone the entity employs to perform the functions has the 8
qualifications, experience or standing necessary to perform the 9
functions. 10
`(4) If a regulation does not declare an entity other than the chief 11
executive to be the supervising entity for a trustee, the chief executive is the 12
supervising entity for the trustee. 13
`(5) A reference to a supervising entity made in relation to a trustee is a 14
reference to the trustee's supervising entity. 15
`(6) A reference to a supervising entity made in relation to an auditor 16
performing duties as an auditor under this Act is a reference to the 17
supervising entity of the trustee in relation to whom the duties are 18
performed.'. 19
of s 5 (Trustee to give notice to chief executive etc.) 20
Amendment
Clause 6.(1) Section 5, heading, `chief executive etc.'-- 21
omit, insert-- 22
`supervising entity'. 23
(2) Section 5(1) and (2) to (4), `chief executive'-- 24
omit, insert-- 25
`supervising entity'. 26
(3) Section 5(1) and (2) to (4)-- 27
insert-- 28
`Maximum penalty--5 penalty units.'. 29
(4) Section 5(5) and (6)-- 30
s7 7 s7
Trust Accounts Amendment
omit, insert-- 1
`(5) A trustee must immediately give to the supervising entity written 2
notice of the establishment of a trust account and the name and the office or 3
branch of the financial institution at which the account is established. 4
Maximum penalty--100 penalty units. 5
`(6) If any of the following happen, the trustee must immediately give to 6
the supervising entity written notice of that fact-- 7
(a) a change in the name of a trust account; 8
(b) the transfer of a trust account to another office or branch of the 9
financial institution at which the account is established; 10
(c) the transfer of a trust account to another financial institution; 11
(d) the closing of a trust account. 12
Maximum penalty--100 penalty units.'. 13
of s 6 (Accounts to be kept by trustees) 14
Amendment
Clause 7.(1) Section 6(1), (4), (5) and (7)-- 15
insert-- 16
`Maximum penalty--10 penalty units.'. 17
(2) Section 6(3)-- 18
omit, insert-- 19
`(3) Unless-- 20
(a) the supervising entity otherwise approves in writing; or 21
(b) an auditor has actual possession of a trustee's accounting and 22
other records relating to trust moneys for the time reasonably 23
necessary to audit them under this or any other Act; 24
a trustee must keep all accounting and other records relating to trust moneys 25
at the trustee's sole or principal place of business or at another place of the 26
trustee's business the supervising entity approves in writing. 27
Maximum penalty--10 penalty units.'. 28
(3) Section 6(4), `Evidence (Reproductions) Act 1970, section 11'-- 29
s8 8 s9
Trust Accounts Amendment
omit, insert-- 1
`Evidence Act 1977, section 111'. 2
of s 7 (Moneys received by trustee to be paid into a trust 3
Amendment
account) 4
Clause 8.(1) Section 7-- 5
insert-- 6
`(1A) However, a trustee is not required to pay trust moneys into a trust 7
account if-- 8
(a) the trust moneys consist of a cheque drawn in favour of someone 9
else; and 10
(b) the trustee is satisfied the person is lawfully entitled to the 11
moneys; and 12
(c) the trustee immediately gives the person the cheque, personally, 13
by post or at the person's direction.'. 14
(2) Section 7(4)-- 15
omit, insert-- 16
`(4) A person must not contravene this section. 17
Maximum penalty-- 18
(a) 50 penalty units; or 19
(b) if the offence is committed with intent to defraud--100 penalty 20
units or 1 year's imprisonment.'. 21
(3) Section 7(5)-- 22
omit. 23
of s 8 (Purposes for which money may be withdrawn 24
Amendment
from trust account) 25
Clause 9. Section 8(1) and (2)-- 26
insert-- 27
`Maximum penalty--100 penalty units or 1 year's imprisonment.'. 28
s 10 9 s 12
Trust Accounts Amendment
of s 11 (Claims and liens not affected) 1
Amendment
Clause 10. Section 11, `Nothing'-- 2
omit, insert-- 3
`Subject to section 33(5) and (5A), nothing'. 4
of s 12 (Disbursements from trust account) 5
Amendment
Clause 11.(1) Section 12(1), (3) and (4)-- 6
insert-- 7
`Maximum penalty--10 penalty units.'. 8
(2) Section 12-- 9
insert-- 10
`(5) This section does not prevent a financial institution causing a 11
payment to be made from a trustee's trust account kept at a financial 12
institution by electronic funds transfer. 13
`(6) However, the financial institution must ensure it keeps accurate 14
records of each transfer and the purpose of the transfer. 15
`(7) Subsection (5) applies only if the trustee has the written approval of 16
the supervising entity to make electronic funds transfers from the trust 17
account.'. 18
of s 14 (Trustee to appoint auditor) 19
Amendment
Clause 12.(1) Section 14(1)-- 20
insert-- 21
`Maximum penalty--50 penalty units.'. 22
(2) Section 14(2) and (3)-- 23
omit, insert-- 24
`(2) Within 1 month after a person becomes a trustee, the trustee must 25
give to the supervising entity, in writing, the full name and business address 26
of the auditor appointed under subsection (1). 27
Maximum penalty--50 penalty units. 28
s 13 10 s 13
Trust Accounts Amendment
`(3) If, for any reason, the appointment of an auditor ends, the trustee 1
must-- 2
(a) immediately give to the supervising entity written notice that the 3
appointment has ended; and 4
(b) within 1 month after the appointment ends--give to the 5
supervising entity, in writing, the full name and business address 6
of the auditor appointed to replace the auditor whose appointment 7
has ended. 8
Maximum penalty--50 penalty units.'. 9
of s 15 (Qualifications, resignation, termination of 10
Amendment
appointment of auditor) 11
Clause 13.(1) Section 15(1)(d)(ii), `member'-- 12
omit, insert-- 13
`person who holds a current practice certificate'. 14
(2) Section 15(1)-- 15
insert-- 16
`Maximum penalty--100 penalty units.'. 17
(3) Section 15(2)(d)(ii), `member'-- 18
omit, insert-- 19
`person who holds a current practice certificate'. 20
(4) Section 15(2)(e), `chief executive'-- 21
omit, insert-- 22
`supervising entity'. 23
(5) Section 15(2)-- 24
insert-- 25
`Maximum penalty--100 penalty units.'. 26
(6) Section 15(9)-- 27
omit, insert-- 28
s 14 11 s 14
Trust Accounts Amendment
`(9) If an auditor resigns, the auditor must immediately give to the 1
supervising entity written notice of the resignation. 2
Maximum penalty--50 penalty units.'. 3
(7) Section 15(13), `chief executive thereon'-- 4
omit, insert-- 5
`supervising entity on the auditor's actions or proposed actions'. 6
(8) Section 15(13A)-- 7
omit, insert-- 8
`(13A) If the supervising entity considers it appropriate, the supervising 9
entity may give to the Minister a copy of the report.'. 10
(9) Section 15(14), `chief executive'-- 11
omit, insert-- 12
`supervising entity'. 13
(10) Section 15(15), `subsection (14)'-- 14
omit, insert-- 15
`subsection (12)'. 16
(11) Section 15(13) to 15(15)-- 17
renumber as section 15(10) to (13). 18
of s 16 (Audit of trust accounts) 19
Amendment
Clause 14.(1) Section 16(1)-- 20
omit. 21
(2) Section 16(2)-- 22
omit, insert-- 23
`(2) A trustee must, for each financial period for the trustee and within 24
2 months after the end of the financial period-- 25
(a) ensure the trustee's auditor audits the accounting and other 26
records and the trust accounts kept by the trustee under this Act; 27
and 28
s 14 12 s 14
Trust Accounts Amendment
(b) give to the supervising entity an auditor's report containing the 1
information prescribed under a regulation. 2
Maximum penalty--200 penalty units.'. 3
(3) Section 16(2A) to (3)-- 4
omit, insert-- 5
`(3) However, if the supervising entity is satisfied, on the trustee's 6
written application, there are special reasons for extending the time for 7
compliance with subsection (1)(b), the supervising entity may approve an 8
extension, of not more than 3 months, of the time for compliance with the 9
subsection. 10
`(3A) The supervising entity may approve the extension on conditions 11
stated in the approval.'. 12
(4) Section 16(4), `subsection (2)'-- 13
omit, insert-- 14
`subsection (1)'. 15
(5) Section 16(4)-- 16
insert-- 17
`Maximum penalty--200 penalty units.'. 18
(6) Section 16(6), penalty, `20 penalty units'-- 19
omit, insert-- 20
`200 penalty units'. 21
(7) Section 16(7)-- 22
omit. 23
(8) Section 16(9), `subsection (2)'-- 24
omit, insert-- 25
`subsection (1)'. 26
(9) Section 16(10), `chief executive'-- 27
omit, insert-- 28
`supervising entity'. 29
s 15 13 s 16
Trust Accounts Amendment
(10) Section 16(10)(a), `subsection (8) or (9)'-- 1
omit, insert-- 2
`subsection (7) or (8)'. 3
(11) Section 16(10)(b), `subsection (8)'-- 4
omit, insert-- 5
`subsection (7)'. 6
(12) Section 16(12)-- 7
insert-- 8
`Maximum penalty--50 penalty units.'. 9
(13) Section 16(2) to (3A) and (8) to (12)-- 10
renumber as section 16(1) to (3) and (7) to (11) respectively. 11
of s 17 (Duties of auditor) 12
Amendment
Clause 15. Section 17, from `shall within 7 days'-- 13
omit, insert-- 14
`must, within 7 days after becoming aware of the matter, give to the 15
supervising entity and the trustee a written report on the matter. 16
Maximum penalty--200 penalty units.'. 17
of s 18 (Auditor to make unannounced examinations) 18
Amendment
Clause 16.(1) Section 18(2), from `in respect of'-- 19
omit, insert-- 20
`for the relevant financial period given to the supervising entity a 21
statement that an unannounced examination has been made on a stated 22
date.'. 23
(2) Section 18(3), `chief executive'-- 24
omit, insert-- 25
`supervising entity'. 26
s 17 14 s 18
Trust Accounts Amendment
(3) Section 18(3)-- 1
insert-- 2
`Maximum penalty--50 penalty units.'. 3
(4) Section 18(4), from `The chief executive' to `deems'-- 4
omit, insert-- 5
`The supervising entity may, if it considers'. 6
of s 19 (Auditing of accounts on ceasing to be trustee) 7
Amendment
Clause 17.(1) Section 19(1)(c)-- 8
omit, insert-- 9
`(c) give to the supervising entity the auditor's report mentioned in 10
paragraph (b).'. 11
(2) Section 19(1)-- 12
insert-- 13
`Maximum penalty--50 penalty units.'. 14
of s 20 (Report of auditor to be laid before Minister in 15
Amendment
certain cases) 16
Clause 18.(1) Section 20(1)-- 17
omit, insert-- 18
`20.(1) If after considering an auditor's report given under section 16(1), 19
16(9) or 17 in relation to a trustee, the supervising entity is satisfied that the 20
financial position of the trustee does not allow the trustee to meet all the 21
trustee's commitments as a trustee, the supervising entity must give to the 22
Minister a copy of the report with any further report on it the supervising 23
entity considers appropriate to make. 24
`(1A) Subsection (1) does not limit the circumstances in which the 25
supervising entity may give to the Minister a copy of an auditor's report.'. 26
(2) Section 20(2), `section 15(13), 16(2) or (10)'-- 27
omit, insert-- 28
s 19 15 s 20
Trust Accounts Amendment
`section 15(10), 16(1) or (9)'. 1
(3) Section 20(2) and (4) to (6), `chief executive'-- 2
omit, insert-- 3
`supervising entity'. 4
(4) Section 20(2), `section 16(7) or'-- 5
omit. 6
(5) Section 20(2), `15(13) if'-- 7
omit, insert-- 8
`15(10) if'. 9
(6) Section 20(5), penalty-- 10
omit, insert-- 11
`Maximum penalty--100 penalty units or 1 year's imprisonment.'. 12
of s 21 (Power of Minister to appoint independent 13
Amendment
auditor) 14
Clause 19. Section 21(1), from `Where the Minister' to `thinks proper'-- 15
omit, insert-- 16
`If the Minister has received an auditor's report sent to the Minister under 17
section 15(10) or for another reason the Minister considers appropriate,'. 18
of s 23 (Auditor to report to Minister) 19
Amendment
Clause 20. Section 23(2), `Queensland Law Society Incorporated'-- 20
omit, insert-- 21
`supervising entity'. 22
s 21 16 s 24
Trust Accounts Amendment
of s 25 (As to right of auditors and employees to 1
Amendment
communicate certain matters) 2
Clause 21. Section 25, `chief executive'-- 3
omit, insert-- 4
`supervising entity'. 5
of s 26 (Books, accounts and records to be produced 6
Amendment
upon demand) 7
Clause 22. Section 26(5) and penalty at end of subsection-- 8
omit, insert-- 9
`(5) A person must not-- 10
(a) contravene subsection (1), (2) or (3); or 11
(b) give to an auditor appointed under section 21 or 22 or a person 12
who produces a written authority given under section 24(1)(c) a 13
false or misleading answer to a question asked under 14
subsection (2); or 15
(c) impede, delay or otherwise obstruct, or attempt to impede, delay 16
or otherwise obstruct a person mentioned in paragraph (b) who is 17
exercising powers or performing duties under this Act. 18
Maximum penalty--20 penalty units or 1 year's imprisonment.'. 19
of s 27 (Duties of bank relating to trustee's accounts) 20
Amendment
Clause 23. Section 27(2), from `chief executive' to `forthwith'-- 21
omit, insert-- 22
`supervising entity immediately'. 23
of new ss 28A-28B 24
Insertion
Clause 24. After section 28-- 25
insert-- 26
s 24 17 s 24
Trust Accounts Amendment
entity to report annually to Minister 1
`Supervising
`28A.(1) A supervising entity must, as and when required by the 2
Minister, give to the Minister an annual report on its functions under this 3
Act. 4
`(2) The report may be about all or any of the trustees for which the 5
entity is the supervising entity. 6
`(3) Without limiting subsection (1), the report must include an analysis 7
of the extent to which the trustees reported on complied with section 16(1).1 8
`(4) This section does not apply to a supervising entity who is the chief 9
executive. '. 10
of supervising entity to report suspected offences 11
`Duty
`28B.(1) This section applies if a supervising entity suspects on 12
reasonable grounds, after performing functions under this Act or otherwise, 13
that a person has committed an offence against this Act. 14
`(2) If the Queensland Law Society Act 1952, section 50A2 does not 15
apply to the supervising entity, the supervising entity must-- 16
(a) report the suspected offence to the commissioner of the police 17
service or other appropriate prosecuting authority; and 18
(b) make available to the commissioner or authority the documents 19
and information relevant to the suspected offence in its 20
possession or under its control. 21
`(3) The obligation under subsection (2)(b) to make available the 22
documents and information continues while the supervising entity holds the 23
relevant suspicion. 24
`(4) If the Queensland Law Society Act 1952, section 50A applies to the 25
supervising entity, the supervising entity must, within 14 days after 26
becoming aware of the suspected offence, give to the Minister a written 27
report on the matter, including details of the action the supervising entity 28
proposes to take in relation to the matter.'. 29
1 Section 16 (Audit of trust accounts)
2 Section 50A (Duty of council to report suspected offences)
s 25 18 s 26
Trust Accounts Amendment
of s 30 (Inspection of auditor's reports) 1
Replacement
Clause 25. Section 30-- 2
omit, insert-- 3
of auditor's reports 4
`Inspection
`30.(1) If-- 5
(a) an auditor's report is given under this Act to a supervising entity; 6
and 7
(b) the supervising entity is satisfied a person has enough interest in 8
moneys in relation to which the report is given; 9
the supervising entity must, so far as the report relates to the moneys, make 10
the report available for inspection by the person. 11
`(2) A supervising entity must make each auditor's report for a financial 12
period available for inspection by-- 13
(a) the auditor appointed to audit the accounts of the trustee for the 14
next financial period; or 15
(b) anyone else the supervising entity considers has a genuine reason 16
for wanting to inspect the report. 17
`(3) A person mentioned in subsection (2) may, with the supervising 18
entity's approval, make a copy of, or take an extract from, the report.'. 19
of s 33 (Return of property in trustees' hands to which 20
Amendment
beneficiaries are absolutely entitled) 21
Clause 26.(1) Section 33(1), `30 September'-- 22
omit, insert-- 23
`1 April'. 24
(2) Section 33(1), from `within' to `chief executive'-- 25
omit, insert-- 26
`not later than the following 1 June, lodge with the public trustee'. 27
s 27 19 s 27
Trust Accounts Amendment
(3) Section 33(1) and (3)-- 1
insert-- 2
`Maximum penalty--50 penalty units.'. 3
(4) Section 33(4)-- 4
omit. 5
(5) Section 33(5)-- 6
omit, insert-- 7
`(5) On receipt of a return under subsection (1), the public trustee may, 8
by signed notice, require the trustee to transfer, assign, deliver, or pay over 9
to the public trustee all property mentioned in the return within the time 10
stated in the notice. 11
`(5A) On the giving of a notice under subsection (5), any lien claimed 12
against the property by the trustee stops having effect.'. 13
(6) Section 33(7)-- 14
omit, insert-- 15
`(7) In any proceeding, a certificate signed by the public trustee and 16
stating that the public trustee has made under subsection (5) a requirement 17
stated in the certificate is evidence of the making of the requirement.'. 18
of s 34 (When public trustee may control operations on 19
Amendment
trust accounts) 20
Clause 27. Section 34(9)-- 21
omit, insert-- 22
`(9) A trustee, manager, or principal or other officer of a financial 23
institution, or any person authorised to operate on the trust account of a 24
trustee (including a trustee who is authorised to operate on the trust account 25
of another trustee) must not knowingly contravene this section. 26
Maximum penalty--50 penalty units.'. 27
s 28 20 s 29
Trust Accounts Amendment
of s 36 (Act to apply in respect of certain moneys and 1
Amendment
bank accounts) 2
Clause 28.(1) Section 36, `deemed to be a trustee under section 4(5)'-- 3
omit, insert-- 4
`declared under a regulation to be a trustee ("declared trustee")'. 5
(2) Section 36, `other person so deemed to be a trustee'-- 6
omit, insert-- 7
`declared trustee'. 8
(3) Section 36, `, as the case may be, person so deemed to be a trustee'-- 9
omit, insert-- 10
`declared trustee'. 11
(4) Section 36, `or person so deemed to be a trustee'-- 12
omit, insert-- 13
`or declared trustee'. 14
(5) Section 36(a), `shall be deemed'-- 15
omit, insert-- 16
`are taken'. 17
(6) Section 36(b) and (c), `shall be deemed'-- 18
omit, insert-- 19
`is taken'. 20
of ss 38 and 39 21
Replacement
Clause 29. Sections 38 and 39-- 22
omit, insert-- 23
for offences are summary proceedings 24
`Proceedings
`38. A proceeding for an offence against this Act is a summary 25
proceeding under the Justices Act 1886.'. 26
s 30 21 s 30
Trust Accounts Amendment
of new ss 42-43 1
Insertion
Clause 30. After section 41-- 2
insert-- 3
provision about financial period 4
`Transitional
`42.(1) A trustee is taken to comply with section 16 in relation to a 5
financial period that started before the commencement of this section if the 6
person complies with that section as in force immediately before the 7
commencement. 8
`(2) This section expires 1 year after it commences. 9
executive to give information to supervising entity 10
`Chief
`43.(1) This section applies if the chief executive stops being the 11
supervising entity for a trustee and someone other than the chief executive 12
becomes the supervising entity for the trustee. 13
`(2) Within 3 months after the chief executive stops being the 14
supervising entity, the chief executive must give to the supervising entity the 15
information the chief executive considers necessary to enable the 16
supervising entity to perform its functions under this Act. 17
`(3) The chief executive or anyone else acting under the chief executive's 18
direction is not civilly liable for the giving of information to a supervising 19
entity under this section. 20
`(4) If subsection (3) prevents liability attaching to a person, the liability 21
attaches instead to the State.'. 22
23
22
Trust Accounts Amendment
CHEDULE 1
¡S
INOR AMENDMENTS 2
M
section 3 3
1. Section 13-- 4
insert-- 5
`Maximum penalty--50 penalty units.'. 6
2. Section 26A(9)-- 7
insert-- 8
`Maximum penalty--100 penalty units or 1 year's imprisonment.'. 9
3. Section 26A(10)-- 10
omit. 11
4. Section 28(1), penalty, `20 penalty units'-- 12
omit, insert-- 13
`100 penalty units'. 14
5. Section 31(1)-- 15
insert-- 16
`Maximum penalty--10 penalty units.'. 17
23
Trust Accounts Amendment
SCHEDULE (continued)
6. Section 31(2)-- 1
insert-- 2
`Maximum penalty--10 penalty units.'. 3
© State of Queensland 1997
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