Thursday, December 3, 2020

Strata Schemes Management Act 2015 No 50

Part 4
Division 3
Section 60

Disclosure of commissions and training services | Section 60

(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).

© State of New South Wales Department of Customer Service. For current information go to www.nsw.gov.au.

Disclaimer: Reproduced from the Strata Schemes Management Act 2015 . This website does not give legal advice or other professional advice. You should seek legal or other professional advice before acting and not rely on any of the content on this website.

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