Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteA written consent given in relation to an ongoing fee arrangement complies with the requirements in this section if: (a) before obtaining the consent, the fee recipient disclosed to the client, in writing, the matters set out in subsection (2) ; and (b) the consent is for:
(i) the ongoing fee arrangement to be entered into, or renewed (as the case requires); and
(c) the consent is signed by the client; and (d) the consent is dated; and (e) the fee recipient has the consent or a copy of the consent.
(ii) the ongoing fees disclosed as required under paragraph (2)(e) to be charged to the client; and
962G(2)
The matters that must be disclosed are as follows: (a) the name and contact details of the person who is the fee recipient under the ongoing fee arrangement; (b) an explanation of why the fee recipient is seeking the consent; (c) the maximum period until the consent will cease to have effect under section 962H ; (d) information about the services that the client will be entitled to receive under the arrangement during that period; (e) for each ongoing fee that the client will be required to pay under the arrangement during that period:
(i) the amount of the fee; or
(f) the frequency of the ongoing fees during that period; (g) a statement that the ongoing fee arrangement can be terminated by the client at any time; (h) a statement that the arrangement will terminate, and no further advice will be provided or fee charged under it, if the consent is not given; (i) the date on which the arrangement will terminate if the consent is not given; (j) information about any other matters prescribed by the regulations.
(ii) if the amount of the fee cannot be determined at the time of disclosure, a reasonable estimate of the amount of the ongoing fee and an explanation of the method used to work out the estimate;
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