New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2022 - REG 41

41 Records to be prepared by strata managing agent

(1) This section applies to a strata managing agent who holds or ceases to hold the money in an administrative fund, or a capital works fund, established by--

(a) an owners corporation under the Strata Schemes Management Act 2015 , Part 5, Division 1, or

(b) an association under the Community Land Management Act 2021 , Part 5, Division 1.

(2) The agent must prepare and sign a record relating to the management of each fund during the period since the agent--

(a) last started acting as managing agent for the owners corporation or association, or

(b) last prepared a record under this section for the owners corporation or association.

(3) A copy of each record must be provided to the treasurer of the owners corporation or association at the following times--

(a) if the agent ceases to act as managing agent for the owners corporation or association--within 14 days after termination of the agency agreement,

(b) otherwise--at least once in every 3 month period.

(4) Each record, other than a record resulting from the termination of an agency agreement, must be completed no earlier than 1 month before a copy is provided to the treasurer.

: Maximum penalty--

(a) for a corporation--40 penalty units, or

(b) otherwise--20 penalty units.