CPA · Condominium Property Act
17 Termination of Agreements Developer's management agreements
a management agreement that was entered into by a corporation at
a time when its board consisted of directors who were appointed or
elected when persons who were not at arm's length from the
developer owned or held units representing more than 50% of the
total unit factors for all the units.
(2) Subject to subsection (3), a corporation may, despite any term
to the contrary in a developer's management agreement or a
collateral agreement, terminate a developer's management
agreement at any time after its board first consists of directors who
were elected when persons who were at arm's length from the
developer owned or held units representing more than 50% of the
total unit factors for all the units.
(3) A developer's management agreement
RSA 2000
(a) may not be terminated under subsection (2) without cause
until one year has elapsed from the day that the agreement
was entered into, except when the agreement permits
termination at an earlier date, and
(b) may only be terminated under subsection (2) on the
corporation giving 60 days' written notice, or any shorter
notice specified in the agreement, to the other party to the
agreement of its intention to terminate the agreement,
and the corporation is not liable to the other party to the agreement
by reason only of the agreement being terminated under this
section.
RSA 2000 cC-22 s17;2014 c10 s11