sec.22BAssignor’s and prospective assignee’s disclosure obligations to each other

sec.22B Assignor’s and prospective assignee’s disclosure obligations to each other

An assignor of a retail shop lease for a leased shop must give a prospective assignee a disclosure statement and a copy of the current lease at least 7 days before the earlier of the following (the prescribed disclosure date )— if the assignment is related to an agreement for sale to the assignee of the assignor’s business carried on in the leased shop—the day on which the assignee enters into the agreement; the day the lessor is asked to consent to the assignment. However, for the purposes of complying with subsection (1) it is sufficient if, after the prescribed disclosure date but before the day mentioned in subsection (1) (a) or (b) — the assignor gives the prospective assignee a disclosure statement and a copy of the current lease; and the prospective assignee gives the assignor a waiver notice. If the prospective assignee is not a major lessee, a waiver notice given by the prospective assignee is valid and effective even if a lawyer has not given the prospective assignee advice about the legal meaning and effect of the waiver. The prospective assignee must give a disclosure statement to the assignor before the lessor is asked to consent to the assignment. The assignor must give the lessor a copy of the disclosure statement given to the assignee under subsection (1) or (1A) on the day the lessor is asked to consent to the assignment. In this section— waiver notice , for a prospective assignment of a retail shop lease, means a written notice signed by the prospective assignee stating— the prospective assignee agrees to waive the assignor’s obligation to give a disclosure statement for the lease and a copy of the current lease by the prescribed disclosure date; and if the prospective assignee is not a major lessee—a lawyer has given the prospective assignee advice about the legal meaning and effect of the waiver. s 22B ins 2000 No. 19 s 10 amd 2006 No. 4 s 11 ; 2016 No. 21 s 16 (sec.22B-ssec.1) An assignor of a retail shop lease for a leased shop must give a prospective assignee a disclosure statement and a copy of the current lease at least 7 days before the earlier of the following (the prescribed disclosure date )— if the assignment is related to an agreement for sale to the assignee of the assignor’s business carried on in the leased shop—the day on which the assignee enters into the agreement; the day the lessor is asked to consent to the assignment. (sec.22B-ssec.1A) However, for the purposes of complying with subsection (1) it is sufficient if, after the prescribed disclosure date but before the day mentioned in subsection (1) (a) or (b) — the assignor gives the prospective assignee a disclosure statement and a copy of the current lease; and the prospective assignee gives the assignor a waiver notice. (sec.22B-ssec.1B) If the prospective assignee is not a major lessee, a waiver notice given by the prospective assignee is valid and effective even if a lawyer has not given the prospective assignee advice about the legal meaning and effect of the waiver. (sec.22B-ssec.2) The prospective assignee must give a disclosure statement to the assignor before the lessor is asked to consent to the assignment. (sec.22B-ssec.3) The assignor must give the lessor a copy of the disclosure statement given to the assignee under subsection (1) or (1A) on the day the lessor is asked to consent to the assignment. (sec.22B-ssec.4) In this section— waiver notice , for a prospective assignment of a retail shop lease, means a written notice signed by the prospective assignee stating— the prospective assignee agrees to waive the assignor’s obligation to give a disclosure statement for the lease and a copy of the current lease by the prescribed disclosure date; and if the prospective assignee is not a major lessee—a lawyer has given the prospective assignee advice about the legal meaning and effect of the waiver.