Bank accounts - owners corporation managers

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All fees levied by an owners corporation must be paid into a bank account of the manager or owners corporation. As the manager, you hold all money in trust for the owners corporation and must account separately for the money held for each owners corporation.

If money is held in trust or for the benefit of another person, then general law duties arise, including:

  • inquiring into the terms and state of the trust 
  • obeying the terms of the trust 
  • not making a personal profit or advantage from the trust 
  • accounting for and providing information on the trust 
  • keeping accurate and up to date records 
  • administering the trust personally 
  • exercising reasonable care not to mix trust monies 
  • acting impartially.