54Term of appointment of managing agents

#### 54 Term of appointment of managing agents 54 Term of appointment of managing agents > > (1) The term of appointment (including any additional term under an option to renew) of a managing agent for a scheme expires (if the term of the appointment does not end earlier or is not ended earlier for any other reason)— > > > > > (a) if the managing agent is appointed by the association at the first annual general meeting—at the end of the period of 12 months following that appointment, or > > > > > (b) in any other case—at the end of the period of 3 years following the appointment. > > > (2) A person may be reappointed by the association by resolution at a general meeting as the managing agent for a scheme at the end of the person’s term of appointment. > > > (3) The appointment of a managing agent may be terminated in accordance with the instrument of appointment if authorised by a resolution at a general meeting of the association. > > > (4) The term of appointment of a managing agent may be extended by the association committee for successive periods of up to 3 months after it would otherwise expire (but not for any period that would extend beyond the date of the next annual general meeting of the association) pending a decision as to the reappointment of the managing agent. > > > (5) However, if an association committee has extended a term of appointment of a managing agent under this section, the association committee must give the managing agent at least 1 month’s notice of a decision not to reappoint the managing agent or not to further extend the appointment. > > > (6) A managing agent must give the association written notice of the end of a term of appointment— > > > > > (a) at least 3 months, but not more than 6 months, before the end of the term of appointment, and > > > > > (b) at least 1 month before the end of each extension of a term permitted by this section. > > > (7) An instrument of appointment of a managing agent for a period of 3 years (as referred to in subsection (1)(b)) is taken to include an option for the agent to extend the term of the appointment for a maximum period of 3 months after the end of the term of 3 years, if the association decides not to reappoint the agent and does not extend the term of appointment under subsection (4). > > > (8) The managing agent must give the association written notice of the exercise of the option. > > > (9) A managing agent is not entitled to exercise an option under subsection (7) if the association gives the agent written notice that the agent will not be reappointed at least 3 months before the end of the term. > > > (10) In this section, a reference to the appointment of a managing agent includes a reference to the reappointment of a managing agent. > > **s 54:** Am 2023 No 45, Sch 4\[16\].