(1)The letting agent must transfer the management rights—
(a)within the following period after the transfer notice is given to the letting agent—
(i)if section 147 does not apply—9 months;
(ii)if section 147 applies—11 months; and
(b)to a person, other than an associate of the letting agent, chosen by the letting agent and approved by the body corporate.
(2)For deciding whether to approve a person under subsection (1)(b), the body corporate—
(a)must act reasonably and as quickly as practicable; and
(b)may have regard only to the person’s—
(ii)financial standing; and
(iii)competence, qualifications and experience.
(3)However, the body corporate must not—
(a)unreasonably withhold approval of the person; or
(b)require or receive a fee or other consideration for approving the person, other than reimbursement for legal expenses reasonably incurred by the body corporate in relation to the application for its approval.
Maximum penalty for subsection (3)—50 penalty units.
(4)If the letting agent transfers the management rights to a person who is not approved by the body corporate, the transfer is of no effect.