sec.24AContracting party to report failure to establish project trust

### sec.24A Contracting party to report failure to establish project trust This section applies if the contracting party for a contract knows or ought reasonably to know— a project trust is required for the contract; and a project trust account has not been opened for the trust as required under section 18 . The contracting party must, using an approved way, report the matter to the commissioner. Maximum penalty—100 penalty units. s 24A ins 2020 No. 24 s 63 (sec.24A-ssec.1) This section applies if the contracting party for a contract knows or ought reasonably to know— a project trust is required for the contract; and a project trust account has not been opened for the trust as required under section 18 . (sec.24A-ssec.2) The contracting party must, using an approved way, report the matter to the commissioner. Maximum penalty—100 penalty units. - (a) a project trust is required for the contract; and - (b) a project trust account has not been opened for the trust as required under section 18 .