A manager who receives a fee or reward must be registered (s.119 OC Act). The penalty for non-compliance is 60 penalty units ($116.82 per penalty unit from 1 July 2009) (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 within 28 days of termination of the manager's appointment (s.127) even though fees to the manager may remain outstanding.
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MANAGERS :: Last updated: Thu Jul 1st 2010