7Functions strata managing agents and assistant strata managing agents may exercise—the Act, s 10A

7 Functions strata managing agents and assistant strata managing agents may exercise—the Act, s 10A

7 Functions strata managing agents and assistant strata managing agents may exercise—the Act, s 10A

(1) A strata managing agent who holds a class 1 or class 2 licence may exercise all strata managing agent functions.

(2) Despite subsection (1), a strata managing agent may not authorise the withdrawal of money from a trust account unless the strata managing agent is the licensee in charge of the business to which the trust account relates.

(3) An assistant strata managing agent may exercise all strata managing agent functions, but may not in the person’s capacity as an assistant strata managing agent—

(a) enter into an agency agreement or a franchising agreement, or

(b) authorise the withdrawal of money from a trust account, or

(c) affix the seal of the owners corporation.

(4) In this section—

strata managing agent functions means the functions referred to in the Act, section 3B(1), definition of strata managing agent.