Queensland Consolidated Acts

BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 123

123 Meaning of financier for div 4

(1) For this division, a person is a
"financier" for a contract if a contractor for the contract and the person give written notice signed by each of them to the body corporate under the contract that the person is a financier for the contract.

(2) For this division, a person stops being a
"financier" for a contract if the person gives the body corporate under the contract a written notice withdrawing the notice given under subsection (1) .

(3) A notice under subsection (2) may be given without the contractor’s agreement.

(4) However, a person is a
"financier" for the contract only if the person is—

(a) a financial institution; or

(b) a person who, in the ordinary course of the person’s business, supplies, or might reasonably be expected to supply, finance for business acquisitions, using charges over contracts as the whole or part of the person’s security; or

(c) if the contract is in existence immediately before the commencement—a person who, at the time the person supplied finance for a business acquisition, using a charge over the contract as the whole or part of the person’s security, was a person mentioned in paragraph (b) .