BUILDING ACT 2004 - SECT 117 Auditor and actuary to tell Minister if scheme insolvent etc

BUILDING ACT 2004 - SECT 117

The auditor or actuary for an approved scheme commits an offence if the auditor or actuary—

        (a)     forms the belief that—

              (i)     the scheme is insolvent, or there is a significant risk that it will become insolvent; or

              (ii)     the trustees have contravened this Act or another Territory law in relation to the scheme; and

Note     A reference to an Act includes a reference to the statutory instruments made or in force under the Act, including regulations and prudential standards (see Legislation Act

, s 104).

        (b)     fails to give the Minister written notice about the matter within 7 days after the day the auditor or actuary forms the belief.

Maximum penalty: 100 penalty units, imprisonment for 1 year or both.