Trust Accounts Act of 1923 (14 Geo v No. 4) (Qld)

]0850 TRUSTEES. TrustAccountsAct. 14 GED. V. No. 4, TRUSTEES. 14NGoe.o 4 . . V. All Act to provide for the Regulation and THE TRUST Management of Trust Accounts. ACCOUNTS ACT OF 1923. [ASSENTED TO 20TH AUGUST, 1923.] B E it enacted by the King's Most Excellent Majesty~ by and with the advice and consent of the Legis- lative 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 TTust Accounts; Act of 1923." Interpreta. tion. 2. In this Act, unless the context otherwise indicates,. the following terms have the meanings set against them respectively, that is to say:- "This Act "-This Act and all rules, regulations,. and Orders in Council made thereunder. " Trustee "-Any barrister, solicitor, legal prac- titioner, conveyancer, public accountant. auctioneer, commission agent or farm produce agent: the term includes an auctioneer and a commission agent licensed respectively under *" The AuctioneeTs and Commission Agents Act of 1922" and a farm produce agent licensed under t"The FaTm Produce Agents Act of 1917": the term also inrludes every other person or class of persons who or which the Governor in Council may by Order in Council published in the Gazette declare to be a trustee or trustees within the meaning of this Act. Duties of 3. (1.) All moneys received for or on behalf of any ~ ~ ~ ~ ; be: n~ ~ ~ s person by a trustee shall be paid by the trustee into a. as tc? moneys bank carrying on business under the authority of a ~ : : ~ ~ ed on Statute of the Parlia.ment of Queensland or of the Commonwealth, to a general or separate trust account, until such moneys have been applied by the trustee to the purposes for which they have been so received by him. (2.) Such moneys shall not be available for payment of the debts of anv other creditor of such trustee. nor shall such moneys 'be liable to be attached or tak~n in execution under the order or process of any Court at the instance of any such creditor. . .. 13 Geo. v. No. 17, 8upra, page 9932. t 8 G eo. V. No. 17, 8upra, page 8265.

TRus'rEES. 10851 1923. TrustAccountsAct. (3.) Notwithstanding anything contained in any Act or in any regulation made thereunder, and notwith- standing any law, rule, or practice to the contrary, it shall be the duty of every manager or other principal . officer of any bank with which a trustee has deposited any moneys, whether in his own account or in any general or separate trust account, to disclose every such account to an auditor appointed pursuant to this Act, upon demand made by such auditor, and to permit him to make a copy of or extract from any such accounts. . (4.) Any trustee or manager or principal officer of such bank as aforesaid who knowingly acts contrary to the provisions of this section is liable for every such offence to a penalty not exceeding one hundred pounds. (5.) Nothing in this section shall be construed to take away or affect any just claim of lien which any trustee as aforesaid may have against any moneys so received by such trustee. 4. (1.) The Governor in Council may from time tORJgulations time make regulations for all or any of the following purposes, that is to say:- (a) Providing for an audit of the trust accounts of such trustees or classes of trustees as the Governor in Council thinks proper, and for a report of the result of such audit; (b) Requiring the production to the auditor by the trustee, his servants and agents, or by any bank, of books, papers, and accounts, subject to such conditions as are prescribed; (c) Prescribing the persons to whom the reports of auditors shall be sent for inspect,ion. in- formation, or record; (d) Providing that the auditor shall be subject to an obligation not to divulge, otherwise than as prescribed, any matter of which he shall be informed in the course of the audit, and shall also be subject to the like liability and damages to a client or cestui que trust of the trustee as the trustee would be if the trustee divulged such matters; (e) Prescribing a scale of fees to be paid for such audit;

10852 TRUSTEES. TrustAccounts Act. 14 GEO. V. No. 4, 1923. --------------- (f) Prescribing that in the absence of any agree- ment in writing to the contrary the audit fees shall be paid by the trustee; (g) Requiring such trustees or classes of trustees, as the Governor in Council thinks proper, to deposit with the prescribed officer moneys Br prescribed securities or the prescribed fidelity bond up to an amount in each case not exceeding five thousand pounds by way of guarantee for the proper application by such trustees of trust moneys coming into their possession, the interest, if any, on such deposits to be payable to such trustees, such deposits to vary in amount according to the amount of trust moneys in possession of the trustees during any prescribed perioQ. or according to such other conditions as the Governor in Council thinks proper; and (h) Generally by all such means as may be pre- scribed to insure that trust accounts shall be kept and audited and that persons beneficially entitled to moneys and securities held by trustees upon trust shall be informed t4ereof and of the investments thereof. (2.) Each such regulation may prescribe a penalty not exceeding one hundred pounds for the breach of any of the provisions and requirements thereof. (3.) All such regulations shall, upon publication in the Gazette, have the same force and effect as if they were enacted in this Act and shall be Judicially noticed, and their validity shall not be questioned in any proceedings whatever. All such regulations shall be laid before Parliament within forty days after the publication thereof, if Parliament is then sitting, or if not, then within forty days after the commencement of the next session thereof. If the Legislative Assembly passes a resolution at any time within fifteen sitting days after such regula- tions have been laid before Parliament disallowing any regulation, such regulation shall thereupon cease to have effect, but without prejudice to the validity of anything done in the meantime.

TRUSTEES.-WEIGHTS AND MEASURES. 10853 14 GEO. V. No. 13, 1923. Weights and Jleasures, Etc., Act. - - ----- - - - - ~ - ~ - - - - - - - - - - ~- - 5. (1.) All proceedings in respect of offences against Proceedin~ this Act shall be heard and determined in a summary for penaltIes. way on complaint under *" The Justices Acts, 1886 to 1909." (2.) All penalties shall, when recovered, be paid into the Consolidated Revenue: Provided that where it is proved to the satisfaction of the adjudicating court that .any person has sustained loss or damage by reason of the act or default of the defendant which constitutes the offence, the court may award to such person such part of the penalty imposed as it thinks fit by way of oCompensation for such loss or damage. 6. Nothing contained in this Act and no proceed- Saving of ings taken under this Act against any person shall in any civil remedy. way interfere with any right or remedy by civil process which any person aggrieved might have had if this Act had not been passed. UPPER BURNETT AND CALLIDE LAND SETTLE- MENT. See LAND, CROWN. WEIGHTS AND MEASURES. An Act to Amend "The Weights and Measures 14 Geo. V. Acts, 1906 to 1912" in certain particulars. No. 13. THE \VPIGHTS [ASSENTED TO 27TH SEPTEMBER, 1923.] AND MEASURES R E it enacted by the King's Most Excellent Majesty, t\. ACTS _ by and with the advice and consent of the Legis- : ~ ~ : ~ ~ ~ ~ ~ : . lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. This Act may be cited as "The Weights and Short title r ~ e M a ea d su a r s es on A e c w t . s Ith Am t" enTdh . me eUnTt e~ A gh c t t s oafnd 19 M 2 e 3 a ," sur a e n s d Ac sh ts a , ll19b06e caoofnniAstcrtu.e t' IOn to 1912," herein col1ectively referred to as the Principal Act. * 50 Vie. No. 17 and Amending Acts, supra, pages 1132 et seq. t 6 Edw. VII. No. 19 and 3 Geo. V. No. 15, supra, page 5805.