Does an Executive Managing Agent’s (EMA) contract ever expire?
Yes, it works the same as the Managing Agent contract. It expires after three years. No need for another special resolution if you wish to continue with the same EMA. Just get two owners (previous trustees) to sign the new EMA agreement.
And a reminder that they need a special resolution to cancel the EMA agreement.
PMR 28
(7) A management agreement may not endure for a period longer than three years and may be cancelled, without liability or penalty, despite any provision of the management agreement or other agreement to the contrary — New
- by the body corporate on two months notice, if the cancellation is first approved by a special resolution passed at a general meeting, or
- by the managing agent on two months notice.