(1) An act done by a statutory manager is, for the purposes of any proceedings or transaction that relies on that act, taken to have been done by the relevant licensee. (2) Nothing in this section subjects a relevant licensee to any personal liability in relation to any act done by the statutory manager of the relevant licensee's conveyancing business. 102 Reimbursement of statutory manager (1) The Director may reimburse a statutory manager for any damages and costs recovered against the statutory manager, or an employee or agent of the statutory manager, for an act done in good faith and in the performance or exercise of a function or power under this Act. (2) Reimbursement under this section is to be by way of payment from the Fund. (3) Neither the statutory manager of a conveyancing business nor the Director is liable for any loss incurred by the relevant licensee as a consequence of any act or omission of the statutory manager or the Director in the conduct of the business if the act or omission was done or omitted in good faith and in the purported performance or exercise of a function or power under this Act. 103 Payment of expenses of statutory management (1) Any expenses of the statutory management of a conveyancing business that have not been paid to the statutory manager out of the receipts of the business must be paid to the statutory manager by the Director from the Fund.
(1) An act done by a statutory manager is, for the purposes of any proceedings or transaction that relies on that act, taken to have been done by the relevant licensee. (2) Nothing in this section subjects a relevant licensee to any personal liability in relation to any act done by the statutory manager of the relevant licensee's conveyancing business. 102 Reimbursement of statutory manager (1) The Director may reimburse a statutory manager for any damages and costs recovered against the statutory manager, or an employee or agent of the statutory manager, for an act done in good faith and in the performance or exercise of a function or power under this Act. (2) Reimbursement under this section is to be by way of payment from the Fund. (3) Neither the statutory manager of a conveyancing business nor the Director is liable for any loss incurred by the relevant licensee as a consequence of any act or omission of the statutory manager or the Director in the conduct of the business if the act or omission was done or omitted in good faith and in the purported performance or exercise of a function or power under this Act. 103 Payment of expenses of statutory management (1) Any expenses of the statutory management of a conveyancing business that have not been paid to the statutory manager out of the receipts of the business must be paid to the statutory manager by the Director from the Fund.
06-75a015.docx