Cessation of appointment of statutory manager

In force

(1)

The appointment of a person as a statutory manager under this Act ceases immediately if—

(a)

the term of the appointment expires; or

(b)

the Director revokes the appointment; or

(c)

the person resigns his or her appointment.

(2)

If the appointment of a person as a statutory manager in respect of a conveyancing business ceases, any money held by the statutory manager in connection with the business (minus any payments for expenses under sections 102 and 103) becomes the property of the relevant licensee.

This Act’s bill:Explanatory memorandum Second reading speech

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109 Cessation of appointment of statutory manager