60Disclosure by strata managing agents

60 Disclosure by strata managing agents

60 Disclosure by strata managing agents

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

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

(b) any such commissions or training services and the estimated amount or value of any such commissions or training services that the agent believes are likely to be provided to or paid for 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 will be an offence for an agent to receive commissions or training services that are not of a kind permitted by the agent’s terms of appointment or approved by the owners corporation (see section 57).

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