Managing Agent
The managing agent is defined “as a person possessing and exercising the right of general control, authority, judgment, and discretion over the business or affairs of the company”. A managing agent is a person or company appointed by the freeholder of a property, or a management company, to manage that property. When a person, a firm, or a company takes responsibility to handle the company management under an agreement, he is known as a managing agent. The managing agent is only an agent of the freeholder therefore legal responsibility for the full and proper management of the property remains with the freeholder or the management company.
The managing agent is said to be an agent or employee of a company or other business entity that has a position that involves the use of judgment and discretion and who is considered under the law as capable of accepting service of process and answering questions under cross-examination on behalf of the business entity. It is paid from the net profit according to the conditions of the agreement. He cannot be appointed more than 20 years.
