43Franchising agreements

43 Franchising agreements S. 43(1) amended by No. 86/1994 s. 47(y)(i). (1) An estate agent who enters into a franchising agreement must give notice to the Authority of the agreement. (2) A notice under subsection (1)— S. 43(2)(a) amended by No. 8/2003 s. 53. (a) must be in a form approved by the Authority and contain the prescribed particulars; and S. 43(2)(b) amended by No. 86/1994 s. 47(y)(i). (b) must be given to the Authority within 30 days after the agreement is entered into. (3) If an estate agent carries on business pursuant to a franchising agreement— (a) each party to the agreement is jointly and severally liable for any defalcation by the estate agent; and (b) each party to the agreement is jointly and severally liable for any liability incurred by the estate agent as a result of negligence by the estate agent or by an employee or servant of the estate agent in the performance of the duties of an estate agent; and (c) each party to the agreement is jointly and severally liable for any costs or fines arising out of any proceedings instituted in respect of that defalcation or negligence. (4) If an estate agent contravenes this section each party to the franchising agreement is guilty of an offence. S. 43(5) def. of *franchising agreement* amended by No. 86/1994 s. 47(y)(ii). ***franchising agreement*** means an agreement whereby an estate agent is authorized to carry on business under any name in consideration of any other person entitled to carry on business under that name receiving any consideration whether by way of a share in the profits of the estate agent's business or otherwise; ***defalcation*** has the same meaning as in Part VII.