(1) If the applicant for registration of the plan of subdivision appoints a third party manager prior to the first meeting of the owners corporation, the contract of appointment of the third party manager expires at that first meeting.
(2) If the applicant for registration of the plan of subdivision enters into any other contract (other than a contract of appointment) that relates to the owners corporation and benefits the applicant for registration, any term of that contract must not exceed 3 years in duration, unless the term is in a contract that is a hotel and resort management contract that complies with the prescribed requirements (if any).
(3) In this section—
"third party manager" means a person appointed as the manager who is neither an initial owner or a lot owner of the owners corporation.
S. 67C inserted by No. 4/2021 s. 35.