Retail Leases Amendment Act 1998 (NSW)

An Act to amend the Retail Leases Act 1994 with respect to the application of the Act, information to be disclosed by lessees and assignors, the calculation of current market rents, costs payable by lessees under retail shop leases, sinking funds maintained by lessors and unconscionable conduct by lessors and lessees and to confer jurisdiction relating to claims under the Act on the Administrative Decisions Tribunal; to make consequential amendments to other Acts; and for other purposes.

1Name of Act

This Act is the Retail Leases Amendment Act 1998.

2Commencement

This Act commences on a day or days to be appointed by proclamation.

3Amendment of Retail Leases Act 1994 No 46

The Retail Leases Act 1994 is amended as set out in Schedule 1.

4Amendment of other Acts

The Acts set out in Schedule 2 are amended as set out in that Schedule.

Schedule 1Amendment of Retail Leases Act 1994

(Section 3)

[1]Section 3 Definitions

Insert in alphabetical order:

assignor’s disclosure statement means a statement referred to in section 41.

[2]Section 3

Insert lessor’s before disclosure in the definition of disclosure statement in section 3.

[3]Section 3

Insert in alphabetical order:

exercise of a function includes the performance of a duty.

function includes a power, authority or duty.

[4]Section 3

Insert in alphabetical order:

lessee’s disclosure statement means a statement referred to in section 11A.

[5]Section 3

Insert in alphabetical order:

licensed conveyancer means the holder of a licence under the Conveyancers Licensing Act 1995.

[6]Section 3

Insert in alphabetical order:

specialist retail valuer means:

(a)
for the purposes of a valuation relating to a retail shop in a retail shopping centre, a valuer having not less than 5 years’ experience in valuing retail shops located in regional and sub-regional shopping centres, or
(b)
for the purposes of a valuation relating to any other retail shop, a valuer having not less than 5 years’ experience in valuing retail shops.

[7]Section 6 Leases to which Act does not apply

Insert at the end of section 6:

(2)

This Act does not apply to any lease referred to in this section that is assigned to another person after the commencement of this section.

[8]Section 10 Right to compensation for pre-lease misrepresentations

Insert “lessor’s” before “disclosure statement” where firstly occurring in section 10 (2).

[9]Section 10 (2A)

Insert after section 10 (2):

(2A)

The making of a representation by a prospective lessee in a lessee’s disclosure statement given to a prospective lessor under a retail shop lease that the prospective lessee has sought independent advice, or as to statements or representations relied on by the prospective lessee in entering the lease, is considered to be the making of a representation by a lessee to the lessor.

[10]Section 11 Lessee to be given disclosure statement

Insert “Part 1 of the form contained in” before “Schedule 2” wherever occurring in section 11 (1).

[11]Section 11 (1)

Insert…

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