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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 53A
Power to require particular information
53A Power to require particular information
(1) The commissioner may, by written notice, require any of the following
entities to give stated information, or copies of documents, to the
commissioner within the period stated in the notice (the
"compliance period" )— (a) the trustee for a project trust or
retention trust;
(b) a beneficiary for a project trust or retention trust;
(c) a person that was a trustee or beneficiary mentioned in paragraph (a) or
(b) ;
(d) an entity that has taken control of the financial affairs of a
trustee or beneficiary mentioned in paragraph (a) or (b) ;
(e) a financial
institution;
(f) a registered company auditor;
(g) another person the
commissioner believes has information about a project trust or
retention trust.
(2) However, the requirement may relate to only the
following information or documents— (a) trust account records required to be
kept under section 52 ;
(b) the contract to which the project trust or
retention trust relates;
(c) information about amounts deposited into, or
withdrawn from, a trust account;
(d) details of the financial institution at
which a trust account is held;
(e) information that enables the commissioner
to contact the beneficiaries of a project trust or retention trust;
(f) the
details of an account at a financial institution into which a beneficiary of a
project trust or retention trust is to be paid amounts from a trust account;
(g) other information the commissioner reasonably considers necessary to
exercise the commissioner’s powers under this division or to investigate an
entity’s compliance with this Act.
(3) The compliance period must not be
less than 5 business days after the day the notice is given to the entity.
(4) The entity must comply with the requirement within the compliance period.
Penalty— Maximum penalty—100 penalty units.
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