(1) An association may serve on its managing agent written notice of a
resolution requiring the managing agent to deliver to a member of the
executive committee named in the notice a written statement giving the
information prescribed by such one or more of subsections (4)-(7) as the
resolution specifies.
(2) A managing agent who fails to comply with a notice
given under subsection (1) within 7 days after its service is guilty of an
offence unless reasonable cause for the failure is shown.
: Maximum
penalty--20 penalty units.
(3) A managing agent who knowingly provides false
or misleading information in a statement delivered in compliance with a notice
given under subsection (1) is guilty of an offence.
: Maximum penalty--20
penalty units.
(4) The information prescribed by this subsection is--
(a) the
name and number of the trust account that the managing agent is required by
law to maintain, and
(b) the name of the bank, building society or credit
union in which the trust account is current, and
(c) the balance in the trust
account standing to the credit of the association on a specified date, and
(d) particulars of all cheques drawn on the trust account on behalf of the
association as at that date and not presented and duly paid.
(5) The
information prescribed by this subsection is--
(a) the names and numbers of
any other accounts on which the managing agent operates in the exercise of
functions of the association, and
(b) the names of the banks, building
societies or credit unions in which the accounts are current, and
(c) the
balance in each of those accounts standing to the credit of the association on
a specified date, and
(d) particulars of all cheques drawn on each of those
accounts on behalf of the association as at that date and not presented and
duly paid.
(6) The information prescribed by this subsection is--
(a) full
particulars relating to the payment of money to, or receipt of money by, the
managing agent on behalf of the association, and
(b) if the money is not
still held by the managing agent--the manner and time of disposing of the
money.
(7) The information prescribed by this subsection is--full particulars
of a transaction specified in the notice that has been entered into by or with
the managing agent on behalf of the association.
(8) If a managing agent
licensed under an Act to carry on business as a managing agent ceases to hold
the licence or dies--
(a) subsections (1)-(5) apply to any person who, by the
licensing Act, is required to maintain a trust account in connection with the
business of the former licensee, and
(b) subsections (1)-(7), except
subsection (4), apply to any person required by an Act to preserve records
kept by the former licensee,
(9) If an Act under which managing agents and others are
licensed provides for a licensee or other person to give information relating
to a transaction, the provision does not operate in relation to the affairs of
an association.
(10) A managing agent or other person is not required to
provide information under this section in relation to a transaction that took
place more than 3 years before service of the notice requiring the
information.
