sec.41Retention trust training

### sec.41 Retention trust training This section applies if, under section 32 , a retention trust is required for a retention amount withheld from payment under a contract. If the trustee will not be responsible for administering the retention trust account, the trustee must nominate a person who is responsible for administering the retention trust account on behalf of the trustee. The trustee may change the nomination mentioned in subsection (2) at any time and must make another nomination if the previous nominee is no longer responsible for administering the retention trust account. The trustee must, using an approved way, inform the commissioner of each nomination made under subsection (2) . The trustee must ensure each person nominated under subsection (2) completes the training prescribed by regulation (the retention trust training ) within the period required by regulation. Maximum penalty—100 penalty units. If the trustee does not nominate a person under subsection (2) , the trustee must complete retention trust training within the period required by regulation. Maximum penalty—100 penalty units. A regulation may— prescribe a fee for retention trust training; or provide for— an extension of time for a trustee or nominee to complete retention trust training; or an exemption of a trustee from complying with subsection (5) or (6) . Subsections (5) and (6) apply to a trustee subject to an extension or exemption under subsection (7) applying to the trustee. The trustee is liable for all costs associated with the trustee or a nominated person completing the retention trust training. s 41 sub 2020 No. 24 s 63 amd 2022 No. 11 s 26 (sec.41-ssec.1) This section applies if, under section 32 , a retention trust is required for a retention amount withheld from payment under a contract. (sec.41-ssec.2) If the trustee will not be responsible for administering the retention trust account, the trustee must nominate a person who is responsible for administering the retention trust account on behalf of the trustee. (sec.41-ssec.3) The trustee may change the nomination mentioned in subsection (2) at any time and must make another nomination if the previous nominee is no longer responsible for administering the retention trust account. (sec.41-ssec.4) The trustee must, using an approved way, inform the commissioner of each nomination made under subsection (2) . (sec.41-ssec.5) The trustee must ensure each person nominated under subsection (2) completes the training prescribed by regulation (the retention trust training ) within the period required by regulation. Maximum penalty—100 penalty units. (sec.41-ssec.6) If the trustee does not nominate a person under subsection (2) , the trustee must complete retention trust training within the period required by regulation. Maximum penalty—100 penalty units. (sec.41-ssec.7) A regulation may— prescribe a fee for retention trust training; or provide for— an extension of time for a trustee or nominee to complete retention trust training; or an exemption of a trustee from complying with subsection (5) or (6) . (sec.41-ssec.8) Subsections (5) and (6) apply to a trustee subject to an extension or exemption under subsection (7) applying to the trustee. (sec.41-ssec.9) The trustee is liable for all costs associated with the trustee or a nominated person completing the retention trust training. - (a) prescribe a fee for retention trust training; or - (b) provide for— (i) an extension of time for a trustee or nominee to complete retention trust training; or (ii) an exemption of a trustee from complying with subsection (5) or (6) . - (i) an extension of time for a trustee or nominee to complete retention trust training; or - (ii) an exemption of a trustee from complying with subsection (5) or (6) . - (i) an extension of time for a trustee or nominee to complete retention trust training; or - (ii) an exemption of a trustee from complying with subsection (5) or (6) .