sec.77

sec.77 Disclosure of commission, payment or other benefit [ SM, s 156 ]

This section applies if— the body corporate is considering entering into, or proposes to enter into, a contract (the main contract ); and the main contract is for the supply of goods or services from a person; and under the main contract, or under another contract or arrangement, a body corporate manager is entitled to receive, other than from the body corporate, a commission, payment or other benefit that is associated with the main contract, including with entering into the main contract. a commission received by a body corporate manager from an insurance company a commission received by a body corporate manager from a financial institution for banking or other business Before the body corporate makes its decision to enter into the main contract, the body corporate manager must give written notice to the body corporate disclosing— the commission, payment or other benefit; and to the extent the commission, payment or other benefit is monetary—the monetary amount the body corporate manager is entitled to receive. Maximum penalty—20 penalty units. Under section 100 (1) of the Act , a decision of the committee is a decision of the body corporate. (sec.77-ssec.1) This section applies if— the body corporate is considering entering into, or proposes to enter into, a contract (the main contract ); and the main contract is for the supply of goods or services from a person; and under the main contract, or under another contract or arrangement, a body corporate manager is entitled to receive, other than from the body corporate, a commission, payment or other benefit that is associated with the main contract, including with entering into the main contract. a commission received by a body corporate manager from an insurance company a commission received by a body corporate manager from a financial institution for banking or other business (sec.77-ssec.2) Before the body corporate makes its decision to enter into the main contract, the body corporate manager must give written notice to the body corporate disclosing— the commission, payment or other benefit; and to the extent the commission, payment or other benefit is monetary—the monetary amount the body corporate manager is entitled to receive. Maximum penalty—20 penalty units. Under section 100 (1) of the Act , a decision of the committee is a decision of the body corporate.

• (a) the body corporate is considering entering into, or proposes to enter into, a contract (the main contract ); and
• (b) the main contract is for the supply of goods or services from a person; and
• (c) under the main contract, or under another contract or arrangement, a body corporate manager is entitled to receive, other than from the body corporate, a commission, payment or other benefit that is associated with the main contract, including with entering into the main contract. Examples of commission— 1 a commission received by a body corporate manager from an insurance company 2 a commission received by a body corporate manager from a financial institution for banking or other business
• 1 a commission received by a body corporate manager from an insurance company
• 2 a commission received by a body corporate manager from a financial institution for banking or other business
• 1 a commission received by a body corporate manager from an insurance company
• 2 a commission received by a body corporate manager from a financial institution for banking or other business
• (a) the commission, payment or other benefit; and
• (b) to the extent the commission, payment or other benefit is monetary—the monetary amount the body corporate manager is entitled to receive.