New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2014 - REG 4C

4C Functions that strata managing agents and assistant strata managing agents may exercise

(1) A strata managing agent who holds a class 1 or class 2 licence may exercise all strata managing agent functions.

(2) Despite subclause (1), a strata managing agent may not authorise the withdrawal of money from a trust account unless the strata managing agent is the licensee in charge of the business to which the trust account relates.

(3) An assistant strata managing agent may exercise all strata managing agent functions, but may not in the person's capacity as an assistant strata managing agent--

(a) enter into an agency agreement or a franchising agreement, or

(b) authorise the withdrawal of money from a trust account, or

(c) affix the seal of the owners corporation.

(4) In this clause--

"strata managing agent functions" means the functions referred to in the definition of
"strata managing agent" in section 3B(1) of the Act.