55 Restriction on agent purchasing property S. 55 amended by (1) An estate agent must not obtain a beneficial Nos 10028 interest in any real estate or business that the s. 32, 86/1994 ss 29, estate agent has been commissioned by any 47(zi)(zj), principal to sell. 84/1996 s. 467(Sch. 6 item 5), Penalty: 240 penalty units or imprisonment for 52/1998 s. 93, 2 years, or both. 44/2001 s. 3(Sch. (2) An agent's representative employed by an estate item 39.3), 72/2001 agent must not obtain a beneficial interest in any s. 3(Sch. real estate or business that the estate agent has item 7.5), 9/2002 been commissioned by any principal to sell. s. 3(Sch. item 6.3), Penalty: 240 penalty units or imprisonment for 41/2003 s. 36, 2 years, or both. 17/2004 s. 10(1), (3) Without limiting subsections (1) or (2), a person 1/2010 s. 11, 63/2010 s. 46, obtains a beneficial interest if any of the following substituted by No. 36/2011 circumstances arise— s. 4. (a) the person or an associate of the person— (i) purchases the real estate or business; or (ii) holds an option to purchase the real estate or business; (b) a proprietary corporation of which the person or an associate of the person is a member— (i) purchases the real estate or business; or (ii) holds an option to purchase the real estate or business; (c) a corporation over which the person (either individually or jointly with associates) or an associate of the person can exercise control— (i) purchases the real estate or business; or (ii) holds an option to purchase the real estate or business;
S. 55 amended by Nos 10028 s. 32, 86/1994 ss 29, 47(zi)(zj), 84/1996 s. 467(Sch. 6 item 5), 52/1998 s. 93, 44/2001 s. 3(Sch. item 39.3), 72/2001 s. 3(Sch. item 7.5), 9/2002 s. 3(Sch. item 6.3), 41/2003 s. 36, 17/2004 s. 10(1), 1/2010 s. 11, 63/2010 s. 46, substituted by No. 36/2011 s. 4. 55 Restriction on agent purchasing property (1) An estate agent must not obtain a beneficial interest in any real estate or business that the estate agent has been commissioned by any principal to sell. Penalty: 240 penalty units or imprisonment for 2 years, or both. (2) An agent's representative employed by an estate agent must not obtain a beneficial interest in any real estate or business that the estate agent has been commissioned by any principal to sell. Penalty: 240 penalty units or imprisonment for 2 years, or both. (3) Without limiting subsections (1) or (2), a person obtains a beneficial interest if any of the following circumstances arise— (a) the person or an associate of the person— (i) purchases the real estate or business; or (ii) holds an option to purchase the real estate or business; (b) a proprietary corporation of which the person or an associate of the person is a member— (i) purchases the real estate or business; or (ii) holds an option to purchase the real estate or business; (c) a corporation over which the person (either individually or jointly with associates) or an associate of the person can exercise control— (i) purchases the real estate or business; or (ii) holds an option to purchase the real estate or business;
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