Australian Capital Territory Current Acts

LEASES (COMMERCIAL AND RETAIL) ACT 2001 - SECT 72

    (1)     If a majority of the tenants in the retail area of a shopping centre agree to waive the requirement for the preparation of an auditor's report dealing with outgoings for a provision included in a lease because of section 65 (Outgoings—estimates and expenditure statements), the lessor is not required to provide an auditor's report under that provision for any tenant in the shopping centre—

        (a)     for the period agreed by the tenants; or

        (b)     if no period is agreed by the tenants—for the accounting period in which the agreement is reached and subsequent accounting periods, until a majority of the tenants agree otherwise.

    (2)     For subsection (1)—

        (a)     a tenant is not taken to have agreed to waive the requirement for the preparation of an auditor's report only because the lease includes a term agreeing to the waiving of the requirement; and

        (b)     to work out whether a majority of the tenants agree to waive the requirement for the preparation of an auditor's report, 1 vote is counted for each lease for premises in the retail area of the shopping centre.