sec.40ABeneficiary to be informed of transactions affecting retention amount

### sec.40A Beneficiary to be informed of transactions affecting retention amount This section applies if a trustee— deposits a retention amount into the retention trust account; or withdraws all or part of a retention amount held in the retention trust account. Within 5 business days after making the deposit or withdrawal, the trustee must give to the contracted party from whom the retention amount was withheld a notice of the deposit or withdrawal that includes the information prescribed by regulation, unless the trustee has a reasonable excuse. Maximum penalty—100 penalty units. This section does not apply to the deposit of a retention amount if the trustee has informed the contracted party of the deposit under section 23A . s 40A ins 2020 No. 24 s 63 (sec.40A-ssec.1) This section applies if a trustee— deposits a retention amount into the retention trust account; or withdraws all or part of a retention amount held in the retention trust account. (sec.40A-ssec.2) Within 5 business days after making the deposit or withdrawal, the trustee must give to the contracted party from whom the retention amount was withheld a notice of the deposit or withdrawal that includes the information prescribed by regulation, unless the trustee has a reasonable excuse. Maximum penalty—100 penalty units. (sec.40A-ssec.3) This section does not apply to the deposit of a retention amount if the trustee has informed the contracted party of the deposit under section 23A . - (a) deposits a retention amount into the retention trust account; or - (b) withdraws all or part of a retention amount held in the retention trust account.