(1)This section applies if—
(a)the body corporate for a community titles scheme—
(i)enters into a service contract with a person after the commencement of this section and within the original owner control period and the person’s term of engagement as the service contractor under the contract has not ended; or
(ii)intends to extend or vary, before 1 January 2005, an existing service contract entered into between the body corporate and a person within the original owner control period; and
(b)the original owner control period has ended.
(2)If requested by the body corporate or person (each a reviewing party), the reviewing parties must, as provided under this division and for the purpose mentioned in section 131, review the terms of the contract that provide for—
(a)the functions and powers of the person as the service contractor; or
(b)the remuneration payable to the person as the service contractor.
(3)The body corporate may make a request under subsection (2) only if the body corporate, by ordinary resolution, has authorised the making of the request.
(4)Subsection (2)(b) does not apply to an existing service contract if its terms that provide for the remuneration payable to the person as the service contractor have been reviewed by the reviewing parties before the commencement of this section.
(5)The review applies to the contract even if the contract also provides for 1 or more of the following—
(a)the person’s engagement as a body corporate manager;
(b)the person’s authorisation as a letting agent.
(6)The contract may be reviewed under this division only once.