32Records—additional requirements for strata managing agents—the Act, s 86

32 Records—additional requirements for strata managing agents—the Act, s 86

32 Records—additional requirements for strata managing agents—the Act, s 86

(1) A strata managing agent must also keep either—

(a) a single trust account ledger in a form permitting each account for an owners corporation or association for or on behalf of which the agent holds money to be physically removed from the ledger, or

(b) a separate trust account ledger for each owners corporation or association for or on behalf of which the agent holds money.

(2) A strata managing agent must ensure each ledger kept for an owners corporation or association contains sufficient information to identify the owners corporation or association for which it is kept.

Maximum penalty—

(a) for a corporation—40 penalty units, or

(b) otherwise—20 penalty units.