64Disclosure by managing agents

64 Disclosure by managing agents

64 Disclosure by managing agents

(1) A managing agent for a scheme must report the following at the annual general meeting of the association for the scheme—

(a) whether commissions have been paid to the agent (other than by the association) in connection with the exercise by the agent of functions for the scheme during the preceding 12 months and particulars of any such commissions,

(b) any such commissions and the estimated amount of the commissions that the agent believes are likely to be received by the agent in the following 12 months,

(c) whether, during the preceding 12 months—

(i) a supplier of goods or services for the strata scheme has become connected with the agent, or

(ii) an original owner of the strata scheme has become connected with the agent,

(d) the following information—

(i) the suppliers of goods or services for the strata scheme who are connected with the agent,

(ii) the original owners of the strata scheme who are connected with the agent,

(iii) for subparagraphs (i) and (ii)—details about the nature of the relationship between the agent and the supplier or original owner,

(iv) for subparagraph (i)—details about the goods and services provided by the supplier.

Maximum penalty—

(a) for a corporation—500 penalty units, or

(b) otherwise—100 penalty units.

Note.

It is an offence for an agent to receive commissions that are not of a kind permitted by the agent’s terms of appointment or approved by the association (see section 61).

(2) A managing agent must, as soon as practicable after becoming aware that commissions paid to the agent (other than by the association) differ from the commissions or an estimate of commissions disclosed at the annual general meeting, disclose to the association committee the variation and give an explanation for the variation.

Maximum penalty—

(a) for a corporation—500 penalty units, or

(b) otherwise—100 penalty units.