54Manager—ending contract

54 Manager—ending contract (1) The owners corporation may end a management contract— (a) for a remedial breach if notice has been given under section 55; or (b) for misbehaviour; or (c) if the manager is an individual—if the individual— (i) becomes bankrupt or personally insolvent; or (ii) is convicted in the ACT of an offence punishable by imprisonment for at least 1 year; or (iii) is convicted outside the ACT, in Australia or elsewhere, of an offence that, if it had been committed in the ACT, would be punishable by imprisonment for at least 1 year; or (d) if the manager is a corporation—if the corporation becomes insolvent. (2) However, before ending a management contract under subsection (1) (c) (ii) or (iii), the owners corporation must be satisfied that the conviction affects the manager’s suitability to exercise the manager’s functions. (3) The owners corporation must end a management contract— (a) if the manager is absent, other than on approved leave, for 14 consecutive days or for 28 days in any 12-month period; or (b) for physical or mental incapacity, if the incapacity substantially affects the exercise of the manager’s functions. insolvent—a corporation is taken to be insolvent if the corporation— (a) is being wound up; or (b) has had a receiver or other controller appointed; or (c) has entered into a deed of company arrangement with its creditors; or (d) is otherwise under external administration under the Corporations Act, chapter 5. remedial breach means a remedial breach under section 55.