sec.21Disclosure of commission, payment or other benefit

sec.21 Disclosure of commission, payment or other benefit

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, the 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 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. s 21 amd 2020 SL No. 232 s 4 (sec.21-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, the 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 (sec.21-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.

• (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, the 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. Example of commission for paragraph (c) — a commission received by a body corporate manager from an insurance company
• (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.