Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) The financier for a financed service contract may take the following action:
(a) act under the contract in place of the contractor;
(b) appoint a receiver, or a receiver and manager, for the contract.
(2) However, the financier may only take action under subsection (1) if—
(a) the financier has given written notice to the owners corporation of the financier's intention to take the action; and
(b) at the time the notice is given to the owners corporation, the corporation—
(i) has not given the financier notice under section 133 (1) (c); or
(ii) has given and withdrawn the notice to the financier.
(3) The financier may authorise a person to act for the financier for subsection (1) (a) if—
(a) the person is not the service contractor or an associate of the contractor; and
(b) the owners corporation approves the person.
(4) In deciding whether to approve a person under subsection (3), the owners corporation—
(a) must act reasonably in the circumstances and decide as soon as practicable; and
(b) may only consider—
(i) the person's character; and
(ii) the person's competence, qualifications and experience.
(5) However, the owners corporation must not—
(a) unreasonably withhold the person's approval; or
(b) require or receive a fee or other consideration for approving the person, other than reimbursement of legal or administrative expenses reasonably incurred by the corporation for the approval.