126Report

126 Report

S. 126(1) amended by No. 4/2021 s. 55(1).

(1) The manager of an owners corporation must submit a report of all money held on behalf of the owners corporation by the manager on trust andany disbursement of that money to each annual general meeting of the owners corporation.

S. 126(2) substituted by No. 4/2021 s. 55(2).

(2) The report must include—

(a) details of the professional indemnity insurance held by the manager in compliance with section 119(5); and

(b) details of receipts and disbursements of money held on behalf of the owners corporation by the manager on trust in the relevant year, unless those details are included in the relevant financial statements prepared under section 34; and

(c) the amounts of any commissions, payments or other benefits received by the manager in relation to contracts for goods or services supplied to an owners corporation during the relevant year.

S. 126(3) inserted by No. 4/2021 s. 55(3).

(3) For the purposes of subsection (2)(c), if the specific amount of a commission, payment or other benefit cannot be reasonably ascertained, the manager must include in the report an estimate of the amount.