Community Titles Act 2018

A scheme management contract must be in writing and —

state the scheme manager’s name and address for service; and

state the community corporation’s name and address for service; and

state the Australian Company Number or Australian Business Number of each party with such a number; and

specify when the contract starts and ends; and

specify each scheme function to be performed by the scheme manager under the contract; and

specify any conditions that are to apply to the performance of the functions; and

provide that the scheme manager must give the community corporation written reports about the scheme manager’s performance of functions under the contract and set out the reporting requirements as to content and timing of the reports; and

specify the remuneration that is payable under the contract or the manner in which the remuneration that is payable under the contract is to be calculated; and

specify the accounts to be used under section 122; and

set out the text of, or give notice drawing attention to, section 125; and

provide for any other matter that is required by the regulations.

Before entering into a scheme management contract, the scheme manager must disclose in writing to the community corporation —

any direct or indirect pecuniary or other interest that the scheme manager has that conflicts or may conflict with the performance of the scheme manager’s functions; and

the amount or value of any remuneration or other benefit that the scheme manager has a reasonable expectation of receiving (other than from the community corporation) in connection with the performance of the scheme manager’s functions.

Any variation to, or extension or renewal of, a scheme management contract must be in writing.

This section does not limit the matters that may be included in a scheme management contract.