Business Trusts Act 2004 · 2020 Revised Edition · Part 3 · Trustee‑Manager
15. Audit committees
Feedback & supportThe trustee‑manager of a registered business trust must establish an audit committee in accordance with such requirements as may be prescribed by the Authority, including requirements in respect of the composition of an audit committee.
trustee‑manager
“trustee‑manager”, in relation to a registered business trust, includes a replacement trustee‑manager and temporary trustee‑manager;
The audit committee and every member of the audit committee must comply with such requirements as may be prescribed by the Authority, including requirements in respect of the duties and functions of an audit committee.
audit committee
“audit committee”, in relation to a registered business trust, means the audit committee of the trustee‑manager of a registered business trust established in accordance with section 15;
Every director of the trustee‑manager of a registered business trust must take all reasonable steps to secure compliance by the audit committee of the trustee‑manager and every member of the audit committee (as the case may be) with subsection (2).
director
“director” has the meaning given by section 4(1) of the Companies Act 1967;
Any trustee‑manager of a registered business trust which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
registered business trust
“registered business trust” means a business trust that is registered by the Authority under section 4(1);
If any director of the trustee‑manager of a registered business trust —
fails to take all reasonable steps to secure the compliance by the audit committee of the trustee‑manager or any member of the audit committee with subsection (2); or
has by his or her own wilful act been the cause of any contravention of subsection (2) by the audit committee of the trustee‑manager or any member of the audit committee,he or she shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.