Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION  

Division 3 - Charging ongoing fees to clients  

Subdivision B - Termination, disclosure and renewal  

SECTION 962F   ARRANGEMENT TERMINATES IF THIS SUBDIVISION NOT COMPLIED WITH  

962F(1)    


It is a condition of the ongoing fee arrangement that the arrangement terminates if section 962G has not been complied with in relation the arrangement, whether by the current or a previous fee recipient.

962F(2)    


The client is not taken to have waived the client ' s rights under the condition (subject to subsection (3)), or to have entered into a new ongoing fee arrangement, if the client makes a payment of an ongoing fee after a failure to comply with section 962G in relation to the ongoing fee arrangement.

962F(3)    


However, if the client makes a payment of an ongoing fee after a failure to comply with section 962G in relation to the ongoing fee arrangement, the fee recipient is not obliged to refund the payment.

Note: A Court may order that the fee recipient refund the amount (see section 1317GA ).



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