ESTATE AGENTS (EXEMPTION) REGULATIONS 1997

S.R. No. 9/1997
Version as at 31 July 1998

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Estate Agents (Exemption) Regulations 1997
 - TABLE OF PROVISIONS
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Regulation	Page


1.	Objective
2.	Authorising provisions
3.	Revocation
4.	Exemption for certain corporations
5.	Exemption for bank employees
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ENDNOTES
1.  General Information
2.  Table of Amendments
3.  Explanatory Details


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Estate Agents (Exemption) Regulations 1997
 - SECT 1
Objective
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	1.	Objective

     The objective of these Regulations is to exempt certain classes of corporation and employees of a bank from the requirement to hold an estate agent's licence in certain circumstances.	

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Estate Agents (Exemption) Regulations 1997
 - SECT 2
Authorising provisions
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	2.	Authorising provisions

     These Regulations are made under sections 5(2)(h) and 99 of the Estate Agents Act 1980.

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Estate Agents (Exemption) Regulations 1997
 - SECT 3
Revocation
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	3.	Revocation

     Regulation 33 of the Estate Agents (Licensing, General, Accounts and Audit) Regulations 19921 is revoked.

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Estate Agents (Exemption) Regulations 1997
 - SECT 4
Exemption for certain corporations
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	4.	Exemption for certain corporations

     A corporation which-

			(a)	carries on the business of an estate agent in relation to the assets of-

	(i)	another corporation which is directly or indirectly wholly owned by the first mentioned corporation; or
	(ii)	another corporation, where both corporations are directly or indirectly owned by the same persons in the same proportions; or
	(iii)	another corporation which directly or indirectly wholly owns the first mentioned corporation; and

			(b)	is an estate agent by reason only of the business carried on by it in relation to those assets; and

			(c)	when carrying on that business as an estate agent discloses in writing in any advertising or contract relating to those assets its relationship to the owner of those assets-

is an exempt person for the purpose of section 5(2)(h) of the Estate Agents Act 1980.

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Estate Agents (Exemption) Regulations 1997
 - SECT 5
Exemption for bank employees
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	5.	Exemption for bank employees

     Any employee of a bank in carrying out any transaction for that bank is an exempt person for the purposes of section 5(2)(h) of the Estate Agents Act 1980.
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ENDNOTES
1. General Information
The Estate Agents (Exemption) Regulations 1997, S.R. No. 9/1997 were made on 11 February 1997 by the Governor in Council under sections 5(2)(h) and 99 of the Estate Agents Act 1980, No. 9428/1980 and came into operation on 11 February 1997.
The Estate Agents (Exemption) Regulations 1997 will sunset 10 years after the day of making on 11 February 2007 (see section 5 of the Subordinate Legislation Act 1994).

2. Table of Amendments
There are no amendments made to the Estate Agents (Exemption) Regulations 1997 by statutory rules, subordinate instruments and Acts.
3. Explanatory Details

1 Reg. 3: S.R. No. 129/1992.
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S.R. No. 9/1997



Estate Agents (Exemption) Regulations 1997