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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 40B
Beneficiary may request particular information
40B Beneficiary may request particular information
(1) A person who is, or was, a beneficiary of a retention trust may, in
writing, request the trustee give the person the following information to the
extent it relates to the person— (a) a statement of balance for the
retention trust account;
(b) a copy of the transactions affecting the
retention trust account;
(c) a copy of the trust records.
(2) The trustee
must give the person the requested information within 10 business days after
being given the request, unless— (a) the trustee has a reasonable excuse; or
(b) the information is already available to the person; or
(c) the
information has not changed since it was previously given to the person.
Penalty— Maximum penalty—100 penalty units.
(3) The requested
information must be given to the person in writing and any words used in the
information to explain a transaction must be in the English language.
(4) It
is not a reasonable excuse for the trustee to fail to comply with the request
on the grounds that complying with the request might tend to incriminate the
trustee or expose the trustee to a penalty.
(5) In this section—
"trust records" see section 52 (1) .
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