53Manager—transfer

53 Manager—transfer (1) A manager’s rights under a management contract may be transferred only if the transfer is approved by the owners corporation by ordinary (2) In deciding whether to approve the proposed transfer, the owners corporation may consider the following: (a) the character of the proposed transferee and associates of the proposed transferee; (b) the proposed transferee’s financial standing; (c) the terms of the proposed transfer; (d) the competence, qualifications and experience of the proposed transferee and associates of the proposed transferee; (e) whether the proposed transferee or associates of the proposed transferee have received, or are likely to receive, training in relation to the manager’s functions; (f) anything else relevant to the management contract. (3) The owners corporation must decide whether to approve a proposed transfer not later than 30 days after the day the corporation is asked in writing to approve the transfer.

(4) However, the owners corporation must not— (a) unreasonably withhold the approval to transfer; or transfer, other than reimbursement of legal or administrative (5) If the owners corporation has not decided whether to approve a proposed transfer within the period mentioned in subsection (3), the corporation is taken to have approved the transfer. associates of the proposed transferee means— (a) if the proposed transferee is a corporation—the corporation’s directors, substantial shareholders and principal staff; or (b) if the proposed transferee is a partnership or is in partnership— the partners and principal staff of the partnership.