Document ID: chunk:federal_register_of_legislation:C2023A00111:clause:3_100r
Version: federal_register_of_legislation:C2023A00111
Segment Type: clause
Provision Reference: sch 3 cl 100R
Character Range: 73940–74916

100R  Obligation for eligible water markets intermediaries to maintain trust account

Requirement to maintain trust account
 (1) An eligible water markets intermediary to which this Division applies must maintain one or more trust accounts (a trust account) in accordance with this section.
 (2) A trust account must be maintained with an Australian ADI (within the meaning of section 9 of the Corporations Act 2001).
 (3) A trust account must be designated in the manner specified in the Water Markets Intermediaries Code including, but not limited to, in relation to the following matters:
 (a) naming of the trust account;
 (b) the inclusion of the words "trust account" in the name;
 (c) the inclusion of the name of the trustee in the name;
 (d) specific naming requirements if the trust account is held by an entity of a particular kind.
 (4) A person is liable to a civil penalty if the person contravenes subsection (1), (2) or (3).
Civil penalty: 600 penalty units.