Section 28A
Authorised nominating body to maintain trust account
of Building and Construction Industry Security of Payment Act 2004
(1)
An authorised nominating body must open and maintain a trust account with a bank for the purpose of holding the adjudicated amount mentioned in section 18(3).
(2)
An authorised nominating body must not withdraw any money from a trust account except for the purpose of subsection (3) or making a payment under section 22(3).
(3)
All interest earned from the maintenance of adjudicated amounts received in a trust account accrue to the authorised nominating body, which may dispose of the interest in such manner as the authorised nominating body considers fit.
(4)
Money held in a trust account is not available for payment of the debts of an authorised nominating body or liable to be paid or taken in execution under the order or process of a court.
(5)
Nothing in subsection (4) takes away or affects any lawful claim that a claimant or a respondent has against money held in a trust account.
(6)
In this section —
Definition
“bank” has the meaning given by the Banking Act 1970;
Definition
“trust account” means a current or deposit account maintained in the name of the authorised nominating body at a bank, in the title of which the words “BCISOPA ANB — Adjudicated Amount Client Account” appear.