New South Wales Consolidated Acts

COMMUNITY LAND MANAGEMENT ACT 2021 - SECT 64

64 Disclosure of commissions

(1) A managing agent for a scheme must report the following at the annual general meeting of the association for the scheme--

(a) whether commissions have been paid to the agent (other than by the association) in connection with the exercise by the agent of functions for the scheme during the preceding 12 months and particulars of any such commissions,

(b) any such commissions and the estimated amount of the commissions that the agent believes are likely to be received by the agent in the following 12 months.

: Maximum penalty--

(a) for a corporation--500 penalty units, or

(b) otherwise--100 penalty units.

Note--: It is an offence for an agent to receive commissions that are not of a kind permitted by the agent's terms of appointment or approved by the association (see section 61).

(2) A managing agent must, as soon as practicable after becoming aware that commissions paid to the agent (other than by the association) differ from the commissions or an estimate of commissions disclosed at the annual general meeting, disclose to the association committee the variation and give an explanation for the variation.

: Maximum penalty--

(a) for a corporation--500 penalty units, or

(b) otherwise--100 penalty units.

(3) The Tribunal may, on application by an association or the Secretary, order a managing agent to pay to the association--

(a) the whole or part of the amount of commissions paid to the agent and not disclosed in accordance with this section, or

(b) the whole or part of the amount of commissions paid to the agent that are not of a kind or an amount disclosed by the agent under this section, if the Tribunal is satisfied that the disclosure of commissions at the previous annual general meeting was not made in good faith.