Western Australian Current Acts Western Australian Current Acts (1) Subject to
subsection (2), a licensee who holds a business settlement agent’s
licence and a current triennial certificate may arrange or effect a settlement
of a business transaction.
(2) Notwithstanding
any other provision of this section a licensee shall not arrange or effect a
settlement of any business transaction if the business the subject of that
business transaction —
(a) is
comprised in whole or in part of real estate not being an interest in
leasehold (except a strata lease as defined in the Strata Titles Act 1985
section 3(1) or an interest in leasehold held from the Crown) whether or not
the business is conveyed separately; or
(b)
comprises any mining tenement or mining licence.
(3) A licensee who
holds a current triennial certificate may act for either the vendor or the
purchaser in a settlement referred to in subsection (1) but may not act for
more than one party to the business transaction in that settlement unless each
of the parties for whom he is to act, in writing —
(a)
acknowledges that he is aware that the licensee proposes to so act; and
(b)
gives his prior consent to the licensee so acting.
(4) In arranging or
effecting a settlement referred to in subsection (1) the licensee may perform
the functions set forth in clause 2 of Schedule 2 but in performing any or all
of those functions a licensee shall not give, or attempt to give, advice on a
matter of law.
[Section 47 amended: No. 30 of 2018 s. 189.]