An agreement (including any additional term under an option to renew) for the supply of electricity, gas or any other utility with an owners corporation expires (if the term of the agreement does not end earlier or is not ended earlier for any other reason)—
at the conclusion of the first annual general meeting of the owners corporation if the agreement was executed before the meeting, or
in any other case, 3 years after the date on which the agreement commenced.
Nothing in subsection (1) prevents the owners corporation from renewing an agreement for the supply of electricity, gas or any other utility by resolution at a general meeting on or after the expiry of the agreement.
An agreement for the supply of electricity, gas or any other utility in relation to a strata scheme that commenced before the commencement of this section expires 10 years after the date on which the agreement commenced (unless the term of the agreement ends earlier or is ended earlier for any other reason).
This section does not affect any agreement to supply electricity to residents in a strata scheme through an embedded network.