This legislation has been repealed.
(1) A strata managing agent who holds or ceases to hold the money in a fund established by an owners corporation under section 66 or 69 of the Strata Schemes Management Act 1996 must comply with this clause.
(2) The agent must prepare a report relating to the management of each such fund during the period since the person last commenced to act as managing agent for the owners corporation or since the person last prepared a report under this clause for the owners corporation.
(3) Such a report must be signed by the agent and forwarded to the treasurer of the owners corporation at the following times:(a) if the money is held in a separate trust account kept exclusively for the benefit of the owners corporation--at least once in every 6 months,(b) if the money is not held in a separate trust account kept exclusively for the benefit of the owners corporation--at least once in every 3 months,(c) if the agent ceases to act as managing agent for the owners corporation--within 14 days after termination of the agency agreement.
(4) Such a report (other than one resulting from the termination of an agency agreement) must have been completed no earlier than one month before it is forwarded to the treasurer.
(5) Each report must:(a) state the name and address of the owners corporation for whom the report is prepared, and(b) specify the period in respect of which the report is prepared, and(c) state the date of completion of the report, and(d) if the report is required because of the termination of an agency agreement, reconcile all receipts and payments with the statements from the relevant bank, building society or credit union up to the time of termination.
(6) A report must also contain the following particulars for the fund or, if more than one, for each fund of the owners corporation:(a) the amount of contribution to that fund levied during the period to which it relates in respect of each of the lots in the strata scheme concerned,(b) the amount of contribution to that fund paid during that period in respect of each of those lots,(c) the amount of contribution to that fund levied in respect of each of those lots but not paid as at the date of the report,(d) the amount of any money received into that fund otherwise than as such a contribution and a description of the sources of that money,(e) the amount of any money actually expended from that fund on behalf of the owners corporation and the amount of any money due to be paid from that fund but not actually paid as at the date of the report,(f) the amount of any money which is expected to become due and payable from that fund by the owners corporation before the next report is prepared,(g) the amount of any money standing to the credit of that fund in a bank, building society or credit union and the name of the account at the bank, building society or credit union,(h) the amount of any money standing to the credit of that fund invested otherwise than in a bank, building society or credit union and, if so, where it is invested,(i) the total amount of money standing to the credit of that fund.
(7) The strata managing agent who prepared the report must retain a copy of the report at the agent's registered office for 3 years from the date on which the report was prepared.
Maximum penalty: 40 penalty units in the case of a corporation or 20 penalty units in any other case.