New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 35

35 Franchising agreements

(1) A licensee who enters into a franchising agreement in connection with the conduct of the licensee's business as licensee must give notice of the agreement to the Secretary. The notice must be in the form approved by the Secretary and must be given within 30 days after the agreement is entered into.

: Maximum penalty--100 penalty units.

(2) The franchisor under a franchising agreement must notify the Secretary in writing within 7 days after becoming aware of any failure to account by a licensee who is a party to the franchising agreement.

: Maximum penalty--100 penalty units.

(3) In this section--

"failure to account" has the same meaning as in Part 9 (Management and receivership).

"franchising agreement" means an agreement whereby a licensee is authorised to carry on business under any name in consideration of any other person entitled to carry on business under that name receiving any consideration whether by way of a share in the profits of the licensee's business or otherwise.