16Trust account records

16 Trust account records

16 Trust account records

(1) A head contractor must keep records in relation to a retention money trust account established by the head contractor showing the amounts deposited into or withdrawn from the account.

Maximum penalty—In the case of a corporation, 1,000 penalty units or, in any other case, 200 penalty units.

(2) A head contractor must keep a separate ledger for retention money held in respect of each subcontractor in connection with each construction contract.

Maximum penalty—In the case of a corporation, 1,000 penalty units or, in any other case, 200 penalty units.

(3) The ledger must contain the following information—

(a) the amounts deposited into or withdrawn from the retention money trust account in respect of the subcontractor,

(b) the date of each transaction,

(c) the balance after each transaction.

Maximum penalty—In the case of a corporation, 1,000 penalty units or, in any other case, 200 penalty units.

(4) A head contractor must provide the subcontractor concerned with a copy of the ledger—

(a) at least once every 3 months, or

(b) as often as may be agreed in writing by the head contractor and the subcontractor (but at least once every 6 months).

Maximum penalty—In the case of a corporation, 1,000 penalty units or, in any other case, 200 penalty units.

(5) A head contractor must retain a record made in relation to a retention money trust account for the purposes of this clause for not less than 3 years after the account is closed.

Maximum penalty—In the case of a corporation, 1,000 penalty units or, in any other case, 200 penalty units.