New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 31

31 Holder of class 1 licence to be in charge of business

(1) An individual who carries on business under a licence other than a class 1 licence must employ an individual (who holds a class 1 licence of a kind that would authorise the employed individual to carry on that business) to be in charge of that business.

(2) A corporation that holds a corporation licence must employ an individual (who holds a class 1 licence of a kind that would authorise the individual to carry on that business) to be in charge of that business.

(3) An individual or corporation that employs the holder of a class 1 licence in accordance with this section must notify the Secretary of the following within 5 business days--

(a) the name and licence number of the holder,

(b) the address of each place of business at which the holder will discharge the holder's duties as a licensee in charge of the business.

(4) The holder of a class 1 licence who is employed in accordance with this section to be in charge of a business must not exercise functions or provide services on behalf of 2 or more licensees (whether corporations or individuals) unless those licensees are in partnership.

(5) The Secretary may grant a person an exemption from a provision of this section. The exemption may be granted unconditionally or subject to conditions. The Secretary may at any time by notice in writing to a person granted an exemption revoke the exemption or vary the conditions of the exemption.

(6) The regulations may specify the matters to be taken into account by the Secretary in considering whether to grant a person an exemption from a provision of this section.

: Maximum penalty--

(a) 200 penalty units in the case of a corporation, or

(b) 100 penalty units in any other case.