Victorian Current Acts Victorian Current ActsS. 119(1) substituted by No. 4/2021 s. 51.
(1) A tier one owners corporation must appoint a person to be the manager of the owners corporation.
S. 119(1A) inserted by No. 4/2021 s. 51.
(1A) Despite subsection (1), a tier one owners corporation, by special resolution, may opt out of the requirement under subsection (1) to appoint a person to be the manager of the owners corporation.
S. 119(1B) inserted by No. 4/2021 s. 51.
(1B) A decision referred to in subsection (1A) may be reversed and a person may be appointed to be the manager of the owners corporation by ordinary resolution at a date later than the date of the special resolution.
S. 119(1C) inserted by No. 4/2021 s. 51.
(1C) A tier two owners corporation, a tier three owners corporation, a tier four owners corporation or a tier five owners corporation may appoint a person to be the manager of the owners corporation.
S. 119(1D) inserted by No. 4/2021 s. 51.
(1D) A person must not be appointed as the manager of an owners corporation for a period that exceeds 3 years.
(2) If the manager is to receive a fee or reward for carrying out the functions of manager, a person is not eligible to be appointed unless the person is a registered manager.
(3) An instrument or contract of appointment must be in the approved form.
(4) A manager need not be a lot owner.
(5) A person must not be appointed as a manager for fee or reward unless the person holds professional indemnity insurance that is sufficient to meet claims up to a level of the prescribed amount in any one year.
(6) An owners corporation may revoke the appointment of a manager.
S. 119A inserted by No. 4/2021 s. 52.