(1) The engagement of a person as a body corporate manager or service contractor is void if the engagement does not comply with the requirements stated in subsection (2).
(2) The engagement must--
(a) be in writing; and
(b) state the term of the engagement, including--
(i) when the term begins and when it ends; and
(ii) the term of any right or option of extension or renewal of the engagement; and
(c) state the functions the body corporate manager or service contractor is required or authorised to carry out; and
(d) state the basis for working out payment for the body corporate manager's or service contractor's services; and
Examples--
1 A body corporate manager's payment could be calculated on the basis of an amount per lot.
2 A body corporate manager's payment could include charges calculated on the basis of a stated amount per telephone inquiry or a stated amount for attendance fees for additional committee or general meetings.
(e) for an engagement of a body corporate manager--state any powers of an executive member of the committee the body corporate manager is authorised to exercise.
(3) The engagement must not be in the form of a by-law.