50Manager—contract

50 Manager—contract enter into a management contract with any of the following: (a) a person holding a licence as a real estate agent under the Agents Act 2003; Note The commissioner for fair trading may issue a conditional real estate licence to a person who acts, or intends to act, only as the manager of an owners corporation (see Agents Act 2003, s 34). (b) a member of the corporation; (c) someone else who is not a manager of another owners corporation, and whose income as manager of the corporation will not be the person’s primary source of income. (2) The management contract— (a) must state— (i) the remuneration of the manager; and (ii) the functions of the owners corporation that the manager is to exercise; and (b) may include other conditions agreed between the owners corporation and the manager. (3) Without limiting subsection (1), an owners corporation enters into a management contract if the corporation engages a person to carry out management services.