(1) A strata
management contract must be in writing and must —
(a)
state the strata manager’s name and address for service; and
(b)
state the strata company’s name and address for service; and
(c)
state the Australian Company Number or Australian Business Number of each
party with such a number; and
(d)
specify when the contract starts and ends; and
(e)
specify each scheme function to be performed by the strata manager under the
contract; and
(f)
specify any conditions that are to apply to the performance of the functions;
and
(g)
provide that the strata manager must give the strata company written reports
about the strata manager’s performance of functions under the contract
and set out the reporting requirements as to content and timing of the
reports; and
(h)
specify the remuneration that is payable under the contract or the manner in
which the remuneration that is payable under the contract is to be calculated;
and
(i)
specify the accounts to be used under section 148(1); and
(j) set
out the text of, or give notice drawing attention to, section 151; and
(k)
provide for any other matter that is required by the regulations.
(2) Before entering
into a strata management contract, the strata manager must disclose in writing
to the strata company —
(a) any
direct or indirect pecuniary or other interest that the strata manager has
that conflicts or may conflict with the performance of the strata
manager’s functions; and
(b) the
amount or value of any remuneration or other benefit that the strata manager
has a reasonable expectation of receiving (other than from the strata company)
in connection with the performance of the strata manager’s functions.
(3) Any variation to,
or extension or renewal of, a strata management contract must be in writing.
(4) This section does
not limit the matters that may be included in a strata management contract.
(5) If the strata
management contract is a volunteer agreement with a volunteer strata manager,
it need not comply with subsection (1)(c) or (g).
[Section 145 inserted: No. 30 of 2018 s. 83.]