(1)If the letting agent does not transfer the management rights as required under section 141, the letting agent must transfer the management rights—
(a)to a replacement letting agent chosen by the committee for the body corporate and named in a written notice given by the committee to the letting agent; and
(b)at the price stated in the notice; and
(c)within the period, of at least 2 months after the notice is given, stated in the notice.
(2)The price stated must be 1 of the following—
(a)the average of 2 valuations, obtained by the body corporate from 2 independent registered valuers, stating the value of the management rights;
(b)the highest bid for the management rights, excluding a bid by the letting agent or an associate of the letting agent, made at an auction—
(i)conducted at the request of the body corporate; and
(ii)of which at least 60 days notice was given;
(c)the highest amount tendered, excluding by tender by the letting agent or an associate of the letting agent, for the management rights after reasonable efforts made by the body corporate to market the management rights for at least 60 days.
(3)The letting agent must pay to the body corporate, from the proceeds of the sale, the reasonable costs incurred by the body corporate under subsection (2).