BUILDING ACT 2004 - SECT 122 Special actuary to investigate liabilities

BUILDING ACT 2004 - SECT 122

    (1)     The Minister may, by written notice given to the trustees of an approved scheme, require the trustees to appoint, at the scheme's expense, an additional actuary (the "special actuary") to—

        (a)     investigate completely or partially the scheme's liabilities as at a particular time; and

        (b)     give the Minister a written report within a stated period.

Note     For the making of appointments (including acting appointments), see the Legislation Act

, pt 19.3.

    (2)     The special actuary must not be—

        (a)     the actuary appointed under section 111 (Appointment of auditor and actuary for approved scheme); or

        (b)     a trustee or officer of the scheme.

Note     For who can be appointed a special actuary, see s 125.

    (3)     Within 7 days after the day the trustees are given the notice, the trustees must appoint the special actuary and give the Minister written notice of the actuary's name.

    (4)     The trustees of an approved scheme commit an offence if the trustees fail to comply with subsection (3).

Maximum penalty: 100 penalty units.

    (5)     An offence against this section is a strict liability offence.