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in relation to a retention money trust account established by the head contractor showing the amounts deposited into or withdrawn from the account.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 (a) the amounts deposited into or withdrawn from the retention money trust account in respect of the subcontractor, 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.