Victorian Current Acts Victorian Current Acts(1) If the Director is satisfied that it is necessary to do so in order to protect the interests of consumers, the Director may, by instrument, appoint a statutory manager to carry on a conveyancing business in any of the following circumstances—
(a) the relevant licensee has requested that the Director appoint a statutory manager;
(b) the licence of the relevant licensee has been cancelled or suspended;
(c) the Director is of the opinion that there has been, or may have been, a failure to account by the relevant licensee;
(d) the Director is of the opinion that a person is unable to obtain payment or delivery of property held by the relevant licensee because the licensee—
(i) is mentally or physically infirm; or
(ii) is an insolvent under administration; or
(iii) is a prisoner within the meaning of the Corrections Act 1986 ; or
(iv) has died; or
(v) has abandoned the licensee's conveyancing business.
(2) In the case of a conveyancing business that is conducted by 2 or more licensees in partnership, a reference in subsection (1) to a relevant licensee is to be read as a reference to all of the licensees in the partnership.
(3) An instrument of appointment of a statutory manager under subsection (1) must contain the following information—
(a) the name of the person appointed as statutory manager;
(b) the name of the relevant conveyancing business;
(c) the address of the principal place of business in Victoria of the relevant conveyancing business;
(d) the term of the appointment;
(e) details of any conditions to which the appointment is subject;
(f) the remuneration to which the statutory manager is entitled from the conveyancing business;
(g) how the costs and other expenses of the conveyancing business are to be met during the appointment;
(h) any reporting requirements to be observed by the statutory manager.
(4) The Director may include any other information in an instrument of appointment that the Director considers to be appropriate.