LEASES (COMMERCIAL AND RETAIL) ACT 2001 - SECT 57 Appointment of new valuer if conflict of interest disclosed

LEASES (COMMERCIAL AND RETAIL) ACT 2001 - SECT 57

    (1)     If a valuer appointed to work out the market rent for a lease has an interest that could conflict with the proper working out of the market rent for the lease, the valuer must tell the parties to the lease and the Magistrates Court, in writing, about the conflict (including details of the conflict) within 5 days after being appointed to work out the rent.

    (2)     A party who has been told of a conflict may, within 14 days after being told, apply to the Magistrates Court for the appointment of a new valuer.

    (3)     On application under subsection (2), the Magistrates Court may disqualify the valuer and appoint a new valuer.

Note 1     For the making of appointments (including acting appointments), see the Legislation Act

, pt 19.3.

Note 2     In particular, a person may be appointed for a particular provision of a law (see Legislation Act

, s 7 (3)) and an appointment may be made by naming a person or nominating the occupant of a position (see s 207).

    (4)     For this section, the valuer is taken to have an interest that could conflict with the proper working out of the market rent for the lease if the valuer has or has recently had an interest, whether direct or indirect, in commercial property ownership or commercial property management.

    (5)     Subsection (4) does not limit the circumstances in which the valuer has an interest that could conflict with the proper working out of the market rent for the lease.