Financial Intermediaries Act 1996
sec.116Management contracts
Start here
Get a plain-English read of sec.116
Turn the raw legal text into a practical explanation grounded in Financial Intermediaries Act 1996.
sec.116 Management contracts
A society must not enter into a management contract without the registrar’s written approval. Maximum penalty—800 penalty units. The registrar may give the registrar’s approval on terms. A management contract entered into in contravention of subsection (1) is void. s 116 amd 1999 No. 27 s 76 sch 1 pt 2 (sec.116-ssec.1) A society must not enter into a management contract without the registrar’s written approval. Maximum penalty—800 penalty units. (sec.116-ssec.2) The registrar may give the registrar’s approval on terms. (sec.116-ssec.3) A management contract entered into in contravention of subsection (1) is void.