Section 127 — Residential Tenancies Act 1986: Residential Tenancies Trust Account

127 Residential Tenancies Trust Account (1) The following sums shall be deemed to be trust money for the purposes of Part 7 of the Public Finance Act 1989 : (a) All sums paid to the chief executive by way of bond under section 20 or section 21 of this Act, as the case may be: (b) All rent money that is, by virtue of any of the provisions of this Act or of any order of the Tribunal, to be paid into the Residential Tenancies Trust Account: (c) Any other money that, by virtue of any such provision or any such order, is to be or may be credited to that Account,— and shall be paid into a Trust Bank Account called the Residential Tenancies Trust Account under that Part of that Act. (2) Subject to subsection (3) of this section, the trust money in the Residential Tenancies Trust Account shall be managed and invested in accordance with Part 7 of the Public Finance Act 1989 . (3) Nothing in subsection (2) of section 68, and sections 69 and 70 of the Public Finance Act 1989 applies in respect of the Residential Tenancies Trust Account. (4) Subject to section 22 of this Act and to subsection (5) of this section, no money shall be paid out of the Residential Tenancies Trust Account except— (a) Pursuant to an order of the Tribunal; or (b) With the chief executive's prior written consent. (5) If, in respect of any sum of money that is credited to the Residential Tenancies Trust Account, the chief executive is uncertain who is entitled to it, or whether or not any such sum should be paid out of that Account to any person, the chief executive may apply to the Tribunal for an order determining who is so entitled or whether or not any such sum should be so paid out. (6) Where any money is paid out of the Residential Tenancies Trust Account in conformity with any such order of the Tribunal, neither the Crown nor the chief executive shall incur any liability in respect of the payment. (7) All interest, dividends, and other gains (whether in the nature of income or capital, and whether in money or otherwise, and whether realised or not) arising from any investment of money in the Residential Tenancies Trust Account shall belong to the Crown and be treated as departmental revenue. (8) All money credited to Part A of the Residential Tenancies Fund immediately before the commencement of the Residential Tenancies Amendment Act 1992 shall be deemed to be credited to the Residential Tenancies Trust Account. (9) All money credited to Part B of the Residential Tenancies Fund immediately before the commencement of the Residential Tenancies Amendment Act 1992 shall be deemed to be the property of the Crown. Section 127 and heading were substituted, as from 18 August 1992, by section 14 Residential Tenancies Amendment Act 1992 (1992 No 79).