RETAIL LEASES ACT 1994 - SECT 31A Information supplied to valuer

RETAIL LEASES ACT 1994 - SECT 31A

31A Information supplied to valuer

(1) A specialist retail valuer who is supplied with information by a lessor or a lessee for the purpose of determining under section 31 the amount of rent under a retail shop lease must not--

(a) use or permit the use of the information for any purpose other than to determine the current market rent for the lease concerned, or

(b) communicate or divulge that information to any other person or permit that information to be communicated or divulged to any other person.

: Maximum penalty--50 penalty units.

(2) This section does not prevent the specialist retail valuer using or communicating or divulging that information, or permitting any other person to do so, in the following circumstances--

(a) in accordance with a consent of both the lessor and the lessee,

(b) to a court or tribunal,

(c) in a way that does not disclose information identifying a particular lease or lessee, or relating to a lessee's business, for the purpose of specifying the matters taken into consideration in making the determination concerned.

(3) A specialist retail valuer who contravenes this section is liable to pay to the lessor or lessee concerned compensation for any loss or damage suffered by the lessor or lessee as a result of the information being so used or communicated or divulged. The amount of the compensation is to be the amount agreed between the valuer and the person seeking compensation or, in the event of a failure to agree, as determined by the Tribunal.