100VRequirement to prepare trust account statements

100V  Requirement to prepare trust account statements  (1) An eligible water market intermediary to which this Division applies must, for each financial year of the eligible water market intermediary:  (a) prepare a written statement (the trust account statement) in relation to the trust account of the eligible water market intermediary; and  (b) obtain an auditor’s report (the trust account audit report) prepared in accordance with this section.  (2) The trust account statement and the trust account audit report must:  (a) be in the approved form; and  (b) contain the information and matters specified in the Water Markets Intermediaries Code.  (3) The trust account audit report must:  (a) be prepared by a person who complies with any eligibility requirements specified by the Water Markets Intermediaries Code; and  (b) be accompanied by any information or documents specified in the Water Markets Intermediaries Code in relation to that person.  (4) The trust account statement must be prepared, and the trust account audit report must be obtained, within 3 months of the end of the financial year of the eligible water market intermediary to which the statement and report relate.  (5) The eligible water market intermediary must retain copies of the trust account statement and the trust account audit report in accordance with any requirements specified in the Water Markets Intermediaries Code.  (6) A financial year of an eligible water markets intermediary means:  (a) if the eligible water markets intermediary is a body corporate to which section 323D of the Corporations Act 2001 applies—a financial year of the body corporate (within the meaning of that section); and  (b) in any other case—a year ending on 30 June.  (7) A person is liable to a civil penalty if the person contravenes subsection (1), (2), (3) or (4).