sec.175OTransfer—letting agent’s choice of transferee

sec.175O Transfer—letting agent’s choice of transferee

The letting agent must transfer the management rights— within the following period after the transfer notice is given to the letting agent— if section 175T does not apply—9 months; if section 175T applies—11 months; and to a person, other than an associate of the letting agent, chosen by the letting agent and approved by the body corporate. For deciding whether to approve a person under subsection (1) (b) , the body corporate— must act reasonably and as quickly as practicable; and may have regard only to the person’s— character; and financial standing; and competence, qualifications and experience. However, the body corporate must not— unreasonably withhold approval of the person; or require or receive a fee or other consideration for approving the person, other than reimbursement for legal expenses reasonably incurred by the body corporate in relation to a request for the approval. Maximum penalty for subsection (3) —50 penalty units. If the letting agent transfers the management rights to a person who is not approved by the body corporate, the transfer is of no effect. s 175O ins 2009 No. 26 s 43 (sec.175O-ssec.1) The letting agent must transfer the management rights— within the following period after the transfer notice is given to the letting agent— if section 175T does not apply—9 months; if section 175T applies—11 months; and to a person, other than an associate of the letting agent, chosen by the letting agent and approved by the body corporate. (sec.175O-ssec.2) For deciding whether to approve a person under subsection (1) (b) , the body corporate— must act reasonably and as quickly as practicable; and may have regard only to the person’s— character; and financial standing; and competence, qualifications and experience. (sec.175O-ssec.3) However, the body corporate must not— unreasonably withhold approval of the person; or require or receive a fee or other consideration for approving the person, other than reimbursement for legal expenses reasonably incurred by the body corporate in relation to a request for the approval. Maximum penalty for subsection (3) —50 penalty units. (sec.175O-ssec.4) If the letting agent transfers the management rights to a person who is not approved by the body corporate, the transfer is of no effect.

• (a) within the following period after the transfer notice is given to the letting agent— (i) if section 175T does not apply—9 months; (ii) if section 175T applies—11 months; and
• (i) if section 175T does not apply—9 months;
• (ii) if section 175T applies—11 months; and
• (b) to a person, other than an associate of the letting agent, chosen by the letting agent and approved by the body corporate.
• (i) if section 175T does not apply—9 months;
• (ii) if section 175T applies—11 months; and