Australian Capital Territory Current Acts

UNIT TITLES (MANAGEMENT) ACT 2011 - SECT 131

    (1)     A person is a financier for a service contract if—

        (a)     the person—

              (i)     is a financial institution; or

              (ii)     in the ordinary course of the person's business, supplies, or might reasonably be expected to supply, finance for business acquisitions, using charges over contracts for security; or

              (iii)     if the contract exists immediately before the commencement of this part—at the time the finance was supplied for a business acquisition using a charge over the contract for security, was a person mentioned in subparagraph (ii); and

        (b)     a service contractor for the contract and the person give written notice signed by each of them to the owners corporation that the person is a financier for the contract.

    (2)     A person stops being a financier for a service contract if the person gives the owners corporation written notice withdrawing the notice given under subsection (1).

    (3)     A notice under subsection (2) may be given without the service contractor's agreement.