Auctioneers and Agents Amendment Act 1991 (Qld)

Queensland AUCTIONEERS AND AGENTS AMENDMENT ACT 1991 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Amended Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Amendment of s. 5 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 Amendment of s. 83 (Application of trust moneys) . . . . . . . . . . . . . . . . . . . . 3 6 Amendment of s. 86 (Trust accounts of employers) . . . . . . . . . . . . . . . . . . . . 4 7 Amendment of s. 91 (Duties of bank managers) . . . . . . . . . . . . . . . . . . . . . . . 4 8 Amendment of s. 93 (The Auctioneers and Agents Fidelity Guarantee Fund) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 9 Replacement of s. 96 (Registrar’s Trust Deposit Accounts) . . . . . . . . . . . . . 6 96. Registrar may enter into agreements with banks . . . . . . . . . . . . . . 6 10 Amendment of s. 98 (Application of Fund) . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 11 Amendment of s. 106 (Freezing of trust accounts and ultimate disposal of trust moneys of defaulting licensees) . . . . . . . . . . . . . . . . . . . . . 7 12 Amendment of s. 107 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 13 Transitional provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Queensland Auctioneers and Agents Amendment Act 1991 Act No. 41 of 1991 An Act to amend the Auctioneers and Agents Act 1971 and for related purposes [Assented to 5 August 1991]

2 Auctioneers and Agents Amendment No. 41, 1991 BE IT ENACTED by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows. Short title 1. This Act may be cited as the Auctioneers and Agents Amendment Act 1991 . Commencement 2.(1) Sections 1, 8 and this section commence on the day this Act receives the Royal Assent. (2) The remaining provisions of this Act commence on a day to be fixed by proclamation. Amended Act 3. The Auctioneers and Agents Act 1971 is amended as set out in this Act. Amendment of s.5 (Interpretation) 4. Section 5(1)— insert (in the appropriate alphabetical position, determined on a letter by letter basis) — ‘ “approved bank” means a bank that— (a) has been declared by order in council to be a bank to which section 96 applies; and (b) has entered into an agreement under that section; ‘ “bank” means a bank— (a) as defined in section 5 of the BankingAct1959 of the Commonwealth; or (b) constituted under a law of a State or Territory of the Commonwealth; or

3 Auctioneers and Agents Amendment No. 41, 1991 (c) authorized under the PrimaryIndustryBankAct1977 of the Commonwealth to carry on banking business in Australia; ‘ “building society” means a permanent building society, within the meaning of the Building Societies Act 1985 , approved under section 227 of that Act for the purposes of section 21(1)(k) of the Trusts Act1973 ; ‘ “credit society” means a credit society within the meaning of the CreditSocieties Act 1986 ; ’. Amendment of s.83 (Application of trust moneys) 5.(1) Section 83(1)— omit , insert — ‘(1) Subject to section 86, an auctioneer, a real estate agent, a commercial agent or a motor dealer who receives moneys in respect of a sale or other transaction must, immediately on receiving the moneys— (a) if paragraph (b) does not apply, pay the moneys into a general trust account with an approved bank; or (b) if— (i) the moneys are received in respect of a sale; and (ii) the sale is to be completed on a day (whether specified in the contract or otherwise ascertainable at the date of the contract) that is more than 60 days after receipt of the moneys; and (iii) the moneys are received with a direction that they be invested; pay the moneys in accordance with the direction into— (iv) a special trust account operated with a bank, building society or credit society for the investment of such moneys; or (v) a separate trust account, opened and maintained with a bank, building society or credit society solely for the purpose of complying with the direction to invest the moneys. ’. (2) Section 83(3)— omit , insert —

4 Auctioneers and Agents Amendment No. 41, 1991 ‘(3) A licensee must not pay into a trust account mentioned in subsection (l), any moneys other than moneys that are required under that subsection to be paid into that trust account. ‘(3A) Nothing in this section is to be construed to require a licensee, who is the holder of more than one licence under this Act, to operate and maintain a general trust account in respect of each licence held by the licensee. ’. (3) Section 83(6)— omit ‘ or building society written authorization in respect of each such withdrawal and shall pay any money so withdrawn directly into the Special Deposits Trust Account operated by him before he disburses that money pursuant to this section ’ , insert , ‘ building society or credit society written authorization in respect of each such withdrawal ’. (4) Section 83(8)— omit ‘ Special Deposits Trust Account ’, insert ‘ special trust account ’. (5) Section 83(8)— after ‘ bank ’ (wherever occurring)— insert ‘ , building society or credit society ’. (6) Section 83(9)— omit ‘ Special Deposits Trust Account ’, insert ‘ special trust account ’. Amendment of s.86 (Trust accounts of employers) 6. Section 86— omit ‘ or special trust account ’ , insert ‘ , special trust account or separate trust account, as the case may be, ’. Amendment of s.91 (Duties of bank managers) 7.(1) Section 91 (heading)— omit ‘bank managers’, insert ‘managers of financial institutions’. (2) Section 91(1)(b)—

5 Auctioneers and Agents Amendment No. 41, 1991 omit ‘ general trust account, a Special Deposit Trust Account or a separate ’. Amendment of s.93 (The Auctioneers and Agents Fidelity Guarantee Fund) 8. Section 93— at the end— insert — ‘(4) Subject to subsection (5), if at any time— (a) the Minister is satisfied that the amount standing to the credit of the Fund, allowing for all ascertained and contingent liabilities of the Fund, exceeds $5 000 000, or such greater amount as may from time to time be prescribed; and (b) the Minister determines that a part of the Fund should be applied to any of the following purposes— (i) the payment of expenses incurred or involved in the administration of this Act, including the salaries and wages of the officers and employees appointed under section 13; (ii) the funding of— (A) vocational education and training, and scholarship programs, for auctioneers, real estate agents, real estate salesmen, commercial agents, commercial subagents, motor dealers or motor salesmen; or (B) community education programs relating to the business operations of the persons mentioned in subparagraph (ii) (A); or (C) housing assistance programs; or (D) any program that in the Minister’s opinion facilitates the administration of this Act; the Treasurer is authorized to transfer a sum of money comprising that part of the Fund to Consolidated Revenue. ‘(5) It is not competent for the Minister to make a determination under subsection (4)(b) if, upon the transfer, the amount standing to the credit of

6 Auctioneers and Agents Amendment No. 41, 1991 the Fund would not exceed $5 000 000 or, if an amount is prescribed under subsection (4)(a), the prescribed amount. ‘(6) Money transferred to Consolidated Revenue under subsection (4) is to be applied to the purpose determined by the Minister under that subsection. ’. Replacement of s.96 (Registrar’s Trust Deposit Accounts) 9. Section 96— omit , insert — ‘Registrar may enter into agreements with banks ‘96.(1) The Registrar may, with the prior approval of the Minister, enter into an agreement, for and on behalf of the State, with a bank in respect of the keeping of general trust accounts by licensees. ‘(2) The Registrar must not enter into an agreement with a bank under subsection (1) unless the bank is declared by order in council to be a bank to which this section applies. ‘(3) An agreement entered into under subsection (1) may provide for all or any of the following matters— (a) the payment of interest on the whole or any part of the amounts held in licensees’ general trust accounts to the Fund; (b) informing the Registrar of amounts held in licensees’ general trust accounts; (c) the auditing of licensees’ general trust accounts; (d) any other relevant matter. ‘(4) It is lawful for a bank to pay any amount of interest to the Fund in accordance with an agreement entered into under subsection (1). ‘(5) In this section— “licensees” means auctioneers, real estate agents, commercial agents and motor dealers. ’.

7 Auctioneers and Agents Amendment No. 41, 1991 Amendment of s.98 (Application of Fund) 10. Section 98(3)— omit , insert — ‘(3) No claim lies against the Fund in respect of the stealing or fraudulent misappropriation or misapplication of moneys to which section 83(1)(b) applies. ’. Amendment of s.106 (Freezing of trust accounts and ultimate disposal of trust moneys of defaulting licensees) 11. Section 106(15)(c)— omit , insert — ‘ (c) the term “bank” means any kind of financial institution; ’. Amendment of s.107 (Interpretation) 12. Section 107— omit definition “Bank”, insert — ‘ “Bank” means any kind of financial institution; ’. Transitional provision 13. Despite the amendments of the AuctioneersandAgentsAct1971 made by this Act, that Act continues to apply to and in respect of all moneys received by auctioneers, real estate agents, commercial agents and motor dealers before the commencement of this section, as if this Act had not been enacted. The State of Queensland 1991