(B) consents to the person obtaining the interest; and (ii) acts honestly and reasonably in relation S. 55(4)(a)(ii) substituted by to the transaction; and No. 50/2014 s. 32. (b) no commission or other reward is payable in relation to the transaction; and (c) the principal is in substantially as good a position as the principal would be if the real estate or business were sold at fair market value. (5) In this section— means— associate (a) an employee of the estate agent; or (b) a spouse, domestic partner, parent, brother, sister or child of the estate agent or agent's representative; or (c) a child of the spouse or domestic partner of the estate agent or agent's representative; has the meaning given by section 50AA of control the Corporations Act; means any person, howsoever executive officer described and whether or not the person is a director of the corporation, who is concerned, or takes part, in the management of the corporation; includes being in any way concerned in obtain obtaining. 55A Prohibition on charging or retaining of commission S. 55A inserted by No. 36/2011 (1) This section applies if an estate agent is found s. 4. guilty of an offence against section 55(1) in relation to the sale of real estate or a business that
(B) consents to the person obtaining the interest; and S. 55(4)(a)(ii) substituted by No. 50/2014 s. 32. (ii) acts honestly and reasonably in relation to the transaction; and (b) no commission or other reward is payable in relation to the transaction; and (c) the principal is in substantially as good a position as the principal would be if the real estate or business were sold at fair market value. (5) In this section— associate means— (a) an employee of the estate agent; or (b) a spouse, domestic partner, parent, brother, sister or child of the estate agent or agent's representative; or (c) a child of the spouse or domestic partner of the estate agent or agent's representative; control has the meaning given by section 50AA of the Corporations Act; executive officer means any person, howsoever described and whether or not the person is a director of the corporation, who is concerned, or takes part, in the management of the corporation; obtain includes being in any way concerned in obtaining. S. 55A inserted by No. 36/2011 s. 4. 55A Prohibition on charging or retaining of commission (1) This section applies if an estate agent is found guilty of an offence against section 55(1) in relation to the sale of real estate or a business that