Trust Accounts Amendment Bill 1997 (Qld)

Queensland

TRUST ACCOUNTS AMENDMENT BILL 1997

Queensland

TRUST ACCOUNTS AMENDMENT BILL

TABLE OF PROVISIONS

Section Page 1 Short title 2.2... eee eee 4 2 Commencement ......... 0.0.0 eee eee 4 3 Act amended .......... 0... eee eee 4 4 Amendment of s 4 (Interpretation) ................0...00 0000002000. 4 5 Insertion of news 4E... 2. eee eee 5

4E Meaning of "supervising entity"... 0.0.0.0... eee eee eee 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)... 0... eee eee eee 8 9 Amendment of s 8 (Purposes for which money may be withdrawn

from trust account) ........ 0.0... eee ee eee 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) .................000. 9 13 Amendment of s 15 (Qualifications, resignation, termination of

appointment of auditor) ...... 0... eee eee 10 14 Amendment of s 16 (Audit of trust accounts) ............0...0..0000. 11 15 Amendment of s 17 (Duties of auditor)...............0...0...00000. 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)... 6. eee eee eee ete e eee eee eens 14 19 Amendment of s 21 (Power of Minister to appoint independent auditor).. 15 Trust Accounts Amendment 21 24

Amendment of s 23 (Auditor to report to Minister) ................... 15 Amendment of s 25 (As to right of auditors and employees to communicate certain matters) ......... 0.0.00... 2 eee 16 Amendment of s 26 (Books, accounts and records to be produced upon demand)... 2.6... eee ent eee 16 Amendment of s 27 (Duties of bank relating to trustee's accounts)... ... 16 Insertion of new ss 283A—28B ... 2... tees 16 28A Supervising entity to report annually to Minister ............... 17 28B Duty of supervising entity to report suspected offences.......... 17 Replacement of s 30 (Inspection of auditor's reports) ................. 18 30 Inspection of auditor's reports ........ 0... eee eee eee eee eee 18 Amendment of s 33 (Return of property in trustees' hands to which beneficiaries are absolutely entitled) .................- 0.00005 18 Amendment of s 34 (When public trustee may control operations on trust accounts)... 2... cee eee 19 Amendment of s 36 (Act to apply in respect of certain moneys and bank accounts) ......... 0... eee 20 Replacement of ss 38 and 39 2.1... 6... cece 20 38 Proceedings for offences are summary proceedings............. 20 Insertion of new ss 42-43 1... eee ees 21 42 Transitional provision about financial period .................. 21 43 Chief executive to give information to supervising entity........ 21 SCHEDULE ......................... 22