Clause 35

No person appointed as a trustee under section 33 shall commence acting as such trustee until he has given security in the prescribed manner to the satisfaction of the Official Assignee that he shall faithfully perform his duties and duly observe all the requirements imposed on him by this Act, the rules or any other written law with respect to the performance of his duties.

Any person who contravenes or fails to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.