92 (1) This section applies with respect to the exercise of the remedy under paragraph 4 of section 85 to either exercise powers or perform duties of a housing provider or to act as the housing provider with respect to all or part of the assets, liabilities and undertakings of the housing provider, including its housing projects.  2011, c. 6, Sched. 1, s. 92 (1).  Time limit (2) The maximum period during which a service manager may exercise the remedy in respect of a triggering event or events is two years unless, (a)  the period is extended by agreement with the housing provider; or (b)  the service manager has extended the period, for no more than one year for each extension, after having first given the housing provider a further written notice that specifies the particulars of the continuation of the triggering event or events and having repeated the steps referred to in clauses 90 (1) (c) and (d).  2011, c. 6, Sched. 1, s. 92 (2). Requirement re property managers (3) A service manager shall not retain a property manager to act on its behalf in the exercise of the remedy in relation to a housing provider unless the service manager is of the opinion, (a)  if the property manager is an individual, that the property manager is knowledgeable about this Act and the transferred housing program or programs under which the housing provider’s housing project or projects operate and, (i)  if the housing provider is a non-profit housing corporation, the property manager is knowledgeable about the structure and operation of non-profit housing corporations, or (ii)  if the housing provider is a non-profit housing co-operative, the property manager is knowledgeable about the structure and operation of non-profit housing co-operatives; or (b)  if the property manager is not an individual, that the staff of the property manager are knowledgeable about this Act and the transferred housing program or programs under which the housing provider’s housing project or projects operate and, (i)  if the housing provider is a non-profit housing corporation, the staff of the property manager are knowledgeable about the structure and operation of non-profit housing corporations, or (ii)  if the housing provider is a non-profit housing co-operative, the staff of the property manager are knowledgeable about the structure and operation of non-profit housing co-operatives.  2011, c. 6, Sched. 1, s. 92 (3). Appointment by agreement (4) A property manager retained to act on the service manager’s behalf in the exercise of the remedy shall be appointed under an agreement between the service manager and the property manager.  2011, c. 6, Sched. 1, s. 92 (4). Time limit (5) The term of the appointment of the property manager shall be determined under the agreement retaining the property manager.  2011, c. 6, Sched. 1, s. 92 (5). Qualification on time limit (6) Subsection (5) does not limit the retention of a property manager in respect of a different occurrence of a triggering event.  2011, c. 6, Sched. 1, s. 92 (6). Termination, etc. (7) Despite anything to the contrary in the agreement appointing a property manager, the service manager may, without the consent of the property manager, terminate or shorten the appointment at any time.  2011, c. 6, Sched. 1, s. 92 (7). Copy of agreement to housing provider (8) The service manager shall give the housing provider a copy of any agreement appointing a property manager and any amendment to the agreement.  2011, c. 6, Sched. 1, s. 92 (8). Powers (9) For greater certainty, section 162 applies to a service manager exercising the remedy.  2011, c. 6, Sched. 1, s. 92 (9). Powers not included (10) The powers of a service manager do not include the power to sell, convey, lease, assign, give as security or otherwise dispose of the assets of the housing provider, including its housing projects, outside of the ordinary course of business.  2011, c. 6, Sched. 1, s. 92 (10). Use of powers (11) The service manager may only use its powers with the objective of returning control to the housing provider and only for the following purposes: 1.  To carry on the business of the housing provider. 2.  To improve the governance of the housing provider. 3.  To stabilize or improve the financial situation of the housing provider.  2011, c. 6, Sched. 1, s. 92 (11). Return of control (12) When it is appropriate, in the opinion of the service manager, to return control to the housing provider, the service manager shall cease exercising the remedy.  2011, c. 6, Sched. 1, s. 92 (12). Duty to co-operate (13) The housing provider shall co-operate with the service manager and any property manager retained by the service manager to act on its behalf in the exercise of the remedy, give the service manager and property manager full access to the housing provider’s books and records, and not take any action to reverse or set aside the acts or omissions of the service manager or property manager.  2011, c. 6, Sched. 1, s. 92 (13). Ratification of acts of service manager, etc. (14) The housing provider is deemed to ratify and confirm what the service manager and any property manager retained by the service manager to act on its behalf in the exercise of the remedy do during the exercise of the remedy, but only with respect to things done in accordance with this Act and the regulations.  2011, c. 6, Sched. 1, s. 92 (14). Release of service manager, etc. (15) The housing provider is deemed to release and discharge the service manager and the property manager and every person for whom the service manager or property manager is responsible from every claim of any nature arising by reason of any act or omission done or omitted during the exercise of this remedy, other than the following claims: 1.  A claim for an accounting of the money and other property received by the service manager or property manager or another person for whom the service manager or property manager is responsible. 2.  A claim arising from negligence or dishonesty by the service manager or property manager or by another person for whom the service manager or property manager is responsible.  2011, c. 6, Sched. 1, s. 92 (15). Expenses of service manager (16) If the service manager exercises the remedy, (a)  the service manager may bill the housing provider for expenses incurred by the service manager in exercising the remedy; (b)  the housing provider shall pay an amount billed under clause (a) at the time specified by the service manager; and (c)  an amount billed under clause (a) is a debt owing from the housing provider to the service manager and may be recovered by reducing the amount of any subsidy required under section 78 or by any remedy or procedure available to the service manager by law.  2011, c. 6, Sched. 1, s. 92 (16). Remuneration (17) For greater certainty, the remuneration of the property manager shall be determined under the agreement retaining the property manager and shall be paid out of the funds of the housing provider.  2011, c. 6, Sched. 1, s. 92 (17). Reports to housing provider (18) During the period when the remedy is being exercised, the service manager shall give the housing provider, at least every three months, a written report that includes a summary of what the service manager has done in the exercise of the remedy.  2011, c. 6, Sched. 1, s. 92 (18).