41Records to be prepared by strata managing agent

41 Records to be prepared by strata managing agent

41 Records to be prepared by strata managing agent

(1) This section applies to a strata managing agent who holds or ceases to hold the money in an administrative fund, or a capital works fund, established by—

(a) an owners corporation under the Strata Schemes Management Act 2015, Part 5, Division 1, or

(b) an association under the Community Land Management Act 2021, Part 5, Division 1.

(2) The agent must prepare and sign a record relating to the management of each fund during the period since the agent—

(a) last started acting as managing agent for the owners corporation or association, or

(b) last prepared a record under this section for the owners corporation or association.

(3) A copy of each record must be provided to the treasurer of the owners corporation or association at the following times—

(a) if the agent ceases to act as managing agent for the owners corporation or association—within 14 days after termination of the agency agreement,

(b) otherwise—at least once in every 3 month period.

(4) Each record, other than a record resulting from the termination of an agency agreement, must be completed no earlier than 1 month before a copy is provided to the treasurer.

Maximum penalty—

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

(b) otherwise—20 penalty units.