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BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 146
Termination and replacement of letting agent authorisation and service contract in particular circumstances
146 Termination and replacement of letting agent authorisation and service
contract in particular circumstances
(1) This section applies if the remainder of the term of the letting agent’s
authorisation (the
"transferred authorisation" ), including any rights or options of extension or
renewal, is less than 7 years when transferred to a person (the
"transferee" ) under this division. Example for subsection (1)— If the
authorisation was given for a term of 5 years with 4 rights of renewal of 5
years each and 5 years have expired, the remainder of the term is 20 years.
(2) On the transfer— (a) the transferred authorisation and any service
contract (the
"transferred service contract" ) forming part of the transferred management
rights terminate; and
(b) the body corporate must— (i) authorise the
transferee to conduct a letting agent business for the scheme; and
(ii) if a
service contract formed part of the transferred management rights—engage the
transferee as a service contractor.
(3) The authorisation and engagement must
be given for a term of 9 years starting immediately after the transfer.
(4)
Subject to subsection (3) — (a) the authorisation must be given on the terms
applying to the transferred authorisation immediately before the transfer; and
(b) unless the body corporate and transferee agree otherwise, the engagement
must be given on— (i) the terms applying to the transferred service contract
under subsection (5) ; or
(ii) if subparagraph (i) does not apply—the terms
applying to the transferred service contract immediately before the transfer
(the
"existing terms" ).
(5) The engagement must be given on the existing terms of
the transferred service contract as changed under a review advice about the
contract if— (a) the review advice states how the contract’s reviewable
terms should be changed to ensure they are fair and reasonable; and
(b) the
body corporate gave the letting agent a copy of the review advice as required
under section 149 (1) .
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