Body Corporate and Community Management Act 1997
sec.123Meaning of financier for div 4
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sec.123 Meaning of financier for div 4
For this division, a person is a financier for a contract if a contractor for the contract and the person give written notice signed by each of them to the body corporate under the contract that the person is a financier for the contract. For this division, a person stops being a financier for a contract if the person gives the body corporate under the contract a written notice withdrawing the notice given under subsection (1) . A notice under subsection (2) may be given without the contractor’s agreement. However, a person is a financier for the contract only if the person is— a financial institution; or a person who, in the ordinary course of the person’s business, supplies, or might reasonably be expected to supply, finance for business acquisitions, using charges over contracts as the whole or part of the person’s security; or if the contract is in existence immediately before the commencement—a person who, at the time the person supplied finance for a business acquisition, using a charge over the contract as the whole or part of the person’s security, was a person mentioned in paragraph (b) . (sec.123-ssec.1) For this division, a person is a financier for a contract if a contractor for the contract and the person give written notice signed by each of them to the body corporate under the contract that the person is a financier for the contract. (sec.123-ssec.2) For this division, a person stops being a financier for a contract if the person gives the body corporate under the contract a written notice withdrawing the notice given under subsection (1) . (sec.123-ssec.3) A notice under subsection (2) may be given without the contractor’s agreement. (sec.123-ssec.4) However, a person is a financier for the contract only if the person is— a financial institution; or a person who, in the ordinary course of the person’s business, supplies, or might reasonably be expected to supply, finance for business acquisitions, using charges over contracts as the whole or part of the person’s security; or if the contract is in existence immediately before the commencement—a person who, at the time the person supplied finance for a business acquisition, using a charge over the contract as the whole or part of the person’s security, was a person mentioned in paragraph (b) .
- (a) a financial institution; or
- (b) a person who, in the ordinary course of the person’s business, supplies, or might reasonably be expected to supply, finance for business acquisitions, using charges over contracts as the whole or part of the person’s security; or
- (c) if the contract is in existence immediately before the commencement—a person who, at the time the person supplied finance for a business acquisition, using a charge over the contract as the whole or part of the person’s security, was a person mentioned in paragraph (b) .