Australian Capital Territory Numbered Acts

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BUILDING ACT 2004 (NO. 11 OF 2004) - SECT 124

Special actuary's report

    (1)     The trustees must ensure that a special actuary's report is given to the planning and land authority—

        (a)     within 30 days after the day the authority gave the notice under section 122 (1); or

        (b)     within any additional further time the authority allows in writing.

    (2)     The report must be signed by the special actuary.

    (3)     Also, the report must contain a statement of the special actuary's opinion about each of the following:

        (a)     the adequacy of the whole or part of the amount stated in the scheme's accounts in relation to its liabilities, and the amount that the actuary considers would be adequate in the circumstances;

        (b)     the accuracy of any relevant valuations made by the actuary;

        (c)     the assumptions used by the actuary in making the valuations;

        (d)     the relevance, appropriateness and accuracy of the information on which those valuations were based;

        (e)     anything else in relation to which the prudential standards require a statement of the actuary's opinion to be included in the report.

    (4)     The trustees of an approved scheme commit an offence if the trustees fail to comply with subsection (1).

Maximum penalty: 100 penalty units.

    (5)     An offence against this section is a strict liability offence.

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