39BPrescribed net financial assets for building contractor

39B Prescribed net financial assets for building contractor (1) The net financial assets prescribed for the relevant provisions of the Act are net tangible assets (net assets) of at least $50 000. (2) For sections 24B and 24F of the Act, it is a condition of registration or renewal of registration in a category of building contractor that an individual or corporation (a builder) give the Practitioners Board a net assets certificate. (3) If the builder holds net assets jointly with another person, the builder is not entitled to rely on the other person's share of the net assets. (4) If the builder is a corporation, the builder must itself hold the net assets and is not entitled to rely on the assets of any other person (including a director of the corporation). (5) If the builder is a director or nominee of a corporation, the builder may rely on the net assets of the corporation only if: (a) the builder's registration is solely for the builder to carry out building work for the corporation; and (b) there is a written agreement between the builder and the corporation that: (i) the builder may rely on the net assets of the corporation; and (ii) the builder's registration is solely for the builder to carry out building work for the corporation. (6) In this regulation: relevant provisions means the following: (a) section 24B(1)(c) and (2)(c); (b) section 24F(1)(e) and (2)(d).