Strata Schemes Management Act 2015 No 50
Current version for 1 July 2020 to date (accessed 10 July 2020 at 07:46)
Part 4 Division 3
Division 3 Accountability of strata managing agent
58   Strata managing agent may be required to provide information about trust account and other accounts
(1)  An owners corporation may require a strata managing agent to provide the following information relating to the trust account that the agent is required to operate under the Property and Stock Agents Act 2002
(a)  the name and number of the account,
(b)  the name of the authorised deposit-taking institution in which the account is current,
(c)  the balance in the account standing to the credit of the owners corporation on a specified date,
(d)  particulars of all cheques drawn on the account on behalf of the owners corporation as at that date and not presented and duly paid.
(2)  An owners corporation may require a strata managing agent to provide the following information relating to any other accounts on which the agent operates in the exercise of functions of the owners corporation—
(a)  the names and numbers of the accounts,
(b)  the names of the authorised deposit-taking institutions in which the accounts are current,
(c)  the balance in each of the accounts standing to the credit of the owners corporation on a specified date,
(d)  particulars of all cheques drawn on each of the accounts as at that date and not presented and duly paid.
59   Provision of information about money received and other transactions
(1)  An owners corporation may require a strata managing agent to provide—
(a)  full particulars relating to the payment of money to, or the receipt of money by, the agent on behalf of the owners corporation, and
(b)  if the money is not still held by the agent, the manner and time of disposal of the money.
(2)  An owners corporation may require a strata managing agent to provide full particulars of any specified transaction that has been entered into by the agent on behalf of the owners corporation.
60   Disclosure of commissions and training services
(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.
Maximum penalty—20 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.
Maximum penalty—20 penalty units.
(3)  The Tribunal may, on application by an owners corporation, order a strata managing agent to pay to the owners corporation—
(a)  the whole or part of the amount or value of any commissions or training services provided to or paid for the agent and not disclosed in accordance with this section, or
(b)  the whole or part of the amount or value of any commissions or training services provided to or paid for the agent that are not of a kind or an amount disclosed by the agent under this section, if the Tribunal is satisfied that the disclosure of those things at the previous annual general meeting was not made in good faith.
(4)  In this section—
training service means a training course or service (including attendance at industry events such as conferences).
61   Procedure for requiring information from strata managing agent
(1)  An owners corporation is to require information from a strata managing agent under this Division by written notice given to the strata managing agent.
(2)  The notice must specify a member of the strata committee to whom the information is to be delivered.
62   Offences
(1)  A strata managing agent must comply with a notice to provide information under this Division by giving a written statement, containing the information required, within 14 days after the notice is given.
Maximum penalty—20 penalty units.
(2)  A person is not guilty of failing to comply with the notice if reasonable cause for the failure is shown.
(3)  A strata managing agent must not knowingly provide information that is false or misleading in a material particular in a statement given in response to a notice to provide information under this Division.
Maximum penalty—20 penalty units.
63   Responsibility for providing information if a strata managing agent ceases to hold a licence or dies
If a strata managing agent ceases to hold a licence under the Property and Stock Agents Act 2002 to carry on business as a strata managing agent or dies—
(a)  this Division (except section 59) applies to any person who is required by that Act to maintain a trust account in connection with the business of the former licensee, and
(b)  this Division (except section 58 (1)) and section 188 apply to any person who is required by that Act to preserve records kept by the former licensee,
and so apply as if the person concerned were the strata managing agent.
64   Exemption for information relating to certain transactions
A strata managing agent or other person is not required to provide information under this Division in relation to a transaction that took place more than 5 years before notice requiring the information was given.
65   Provision of other Act requiring agents to provide information not to apply to affairs of owners corporation
Section 101 of the Property and Stock Agents Act 2002 does not apply to or in respect of a transaction if information about the transaction may be required to be provided to an owners corporation under this Division.
Note.
 Section 101 of the Property and Stock Agents Act 2002 enables a person directly concerned in a transaction with a licensee under that Act to require an itemised account of the transaction from the licensee.