sec.131Term of authorisation of letting agent [SM, s 141 ]

sec.131 Term of authorisation of letting agent [SM, s 141 ]

The term provided for in the authorisation of a person as a letting agent, after allowing for any rights or options of extension or renewal, must not be longer than 25 years. The authorisation of a letting agent begins on 1 January 2021 and is for a term of 15 years with a right of renewal of 10 years. The authorisation can not end later than 31 December 2045. The body corporate may subsequently amend the authorisation to include a right or option of extension or renewal (a subsequent right or option ) only if— the subsequent right or option is for not longer than 5 years; and the unexpired term of the authorisation, from the day the resolution approving the subsequent right or option is passed by the body corporate, is not more than 25 years; and section 125 is complied with for the amendment. The term of the authorisation of a letting agent is 25 years beginning on 1 January 2021. On 1 January 2026, the body corporate could amend the authorisation to include a right of renewal of 5 years. If the unexpired term of the authorisation purports to be longer than 25 years, it is taken to be 25 years. To remove any doubt, it is declared that at the end of the term— the authorisation expires; and the person can not act again as a letting agent without a new authorisation. (sec.131-ssec.1) The term provided for in the authorisation of a person as a letting agent, after allowing for any rights or options of extension or renewal, must not be longer than 25 years. The authorisation of a letting agent begins on 1 January 2021 and is for a term of 15 years with a right of renewal of 10 years. The authorisation can not end later than 31 December 2045. (sec.131-ssec.2) The body corporate may subsequently amend the authorisation to include a right or option of extension or renewal (a subsequent right or option ) only if— the subsequent right or option is for not longer than 5 years; and the unexpired term of the authorisation, from the day the resolution approving the subsequent right or option is passed by the body corporate, is not more than 25 years; and section 125 is complied with for the amendment. The term of the authorisation of a letting agent is 25 years beginning on 1 January 2021. On 1 January 2026, the body corporate could amend the authorisation to include a right of renewal of 5 years. (sec.131-ssec.3) If the unexpired term of the authorisation purports to be longer than 25 years, it is taken to be 25 years. (sec.131-ssec.4) To remove any doubt, it is declared that at the end of the term— the authorisation expires; and the person can not act again as a letting agent without a new authorisation.

• (a) the subsequent right or option is for not longer than 5 years; and
• (b) the unexpired term of the authorisation, from the day the resolution approving the subsequent right or option is passed by the body corporate, is not more than 25 years; and