A manager who receives a fee or reward must be registered (s 119 OC Act). The penalty for non-compliance is 60 penalty units (pu) (from 1 July 2015, the value of 1 pu is $151.67) (s 178). A registered manager must:
•pay an annual registration fee to the Business Licensing Authority (s 183);
•act honestly and in good faith in the performance of the manager’s functions;
•exercise due care and diligence; and
•not make improper use to gain an advantage personally or for any other person (s 122(1)).
A volunteer manager has similar immunity as a committee member (s 123). Such immunity may alleviate the need to have office bearers’ liability insurance, although the prospect of funding a legal defence is a consideration.
The manager of an owners corporation must submit a report of the manager’s activities to each AGM, including details of professional indemnity insurance held (currently $1.5 million) (s 126). Records must be returned, not merely made available for collection, within 28 days of termination of the manager’s appointment (s 127) even though fees to the manager may remain outstanding.