Agents Financial Administration Bill 2010 (Qld)

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Queensland

Agents Financial Administration Bill 2010

Queensland

Agents Financial Administration Bill 2010

Contents Page

Part 1 Preliminary Division 1 Introduction 1 Shorttitle .... 2... eee eee 10 2 Commencement............. 000 0c cee 10 3 Act binds all persons ............ 0.000 c cece ee 10 4 Exemption—public officials... 0.2.0.0... 0.0... eee eee eee 10 Division 2 Object 5 Main object... 2.0.0... eee 11 Division 3 Interpretation 6 Definitions. ........ 0.0... eee 11 7 Meaning of in charge ............ 0.00. cece eee eee 11 Part 2 Trust accounts Division 1 Opening trust accounts 8 Trust account may only be opened at approved financial

institution eee eee 12 9 Account's name... 2... eee eee 12 10 Notice of account's opening, closing or name change......... 13 Division 2 Payments to trust accounts 11 Application .. 0.00... 13 12 Dealing with amount on receipt .................0.000000- 14 13 Investments .. 2.0.0... ee 14 14 No other payments to trust account.................0...0. 15 15 Multiple licence holders ............ 00.00 c eee ee eee eee 15 16 Trust money not available to licensee's creditors............. 16 Division 3 Payments from trust accounts 17 When payments may be made from trust accounts........... 16

18 Permitted drawings from trust accounts...................- 16

Agents Financial Administration Bill 2010

Contents

Division 4Division 5 Part 3 Division 1Division 2 Division 3 Part 4

Division 1Division 24143

Page 2

Other trust account obligations

Accounting to clients ............

Duties of financial institution managers ...................-

Disputes about trust money Application of div5.............. When amount in dispute may be paid Where amount must be paid if notice Dealing with amount if no notice ... Audit requirements

Preliminary

Definitions for pt3............... Provisions about auditors