(i) enters into a service contract with a person
after the commencement of this section and within the original owner control
period and the person’s term of engagement as the service contractor under
the contract has not ended; or
(ii) intends to extend or vary, before 1
January 2005, an existing service contract entered into between the body
corporate and a person within the original owner control period; and
(2) If requested by the body
corporate or person (each a
"reviewing party" ), the reviewing parties must, as provided under this
division and for the purpose mentioned in section 131, review the terms of
the contract that provide for—
(a) the functions and powers of the person as
the service contractor; or
(3) The body corporate may make a request under
subsection (2) only if the body corporate, by ordinary resolution, has
authorised the making of the request.
(4) Subsection (2) (b) does not apply
to an existing service contract if its terms that provide for the remuneration
payable to the person as the service contractor have been reviewed by the
reviewing parties before the commencement of this section.
(5) The review
applies to the contract even if the contract also provides for 1 or more of
the following—