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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 41
Retention trust training
(1) This section applies if, under section 32 , a retention trust is required
for a retention amount withheld from payment under a contract.
(2) If the
trustee will not be responsible for administering the retention trust account,
the trustee must nominate a person who is responsible for administering the
retention trust account on behalf of the trustee.
(3) The trustee may change
the nomination mentioned in subsection (2) at any time and must make another
nomination if the previous nominee is no longer responsible for administering
the retention trust account.
(4) The trustee must, using an approved way,
inform the commissioner of each nomination made under subsection (2) .
(5)
The trustee must ensure each person nominated under subsection (2) completes
the training prescribed by regulation (the
"retention trust training" ) within the period required by regulation.
Penalty— Maximum penalty—100 penalty units.
(6) If the trustee
does not nominate a person under subsection (2) , the trustee must complete
retention trust training within the period required by regulation.
Penalty— Maximum penalty—100 penalty units.
(7) A regulation
may— (a) prescribe a fee for retention trust training; or
(b) provide
for— (i) an extension of time for a trustee or nominee to complete
retention trust training; or
(ii) an exemption of a trustee from complying
with subsection (5) or (6) .
(8) Subsections (5) and (6) apply to a trustee
subject to an extension or exemption under subsection (7) applying to the
trustee.
(9) The trustee is liable for all costs associated with the trustee
or a nominated person completing the retention trust training.
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