Thursday, October 1, 2020

Body Corporate And Community Management Act 1997

Chapter 3
Part 3
Division 1
Section 150

Financial management arrangements | Section 150

(1)Subject to section 151, the financial management arrangements applying to a community titles scheme are those stated in the regulation module applying to the scheme.

(2)Without limiting subsection (1), the regulation module applying to a community titles scheme may provide for financial arrangements about the following—

(a)the budget of the body corporate;

(b)levying lot owners for contributions, including contributions of an interim nature for the period from the end of a financial year to 30 days after the annual general meeting for the next financial year;

(c)discounts and penalties relating to the payment of contributions;

(d)recovery of unpaid contributions;

(e)funds to be kept by the body corporate;

(f)powers and restrictions relating to borrowing;

(g)application of amounts in funds;

(h)spending limitations applying to the body corporate, and spending limitations applying to the committee for the body corporate;

(i)keeping accounts and preparing statements of accounts;

(j)auditing of statements of accounts by an auditor.

(3)To avoid doubt, it is declared that the financial management arrangements contained in a regulation module applying to a community titles scheme may impose obligations and limitations on both the body corporate (including the committee for the body corporate) and lot owners.

© Sourced from the Queensland Legislation website at 1 April 2020. For the latest information on Queensland Government legislation please go to https://www.legislation.qld.gov.au.

Disclaimer: Reproduced from the Body Corporate and Community Management Act 1997. This website does not give legal advice or other professional advice. You should seek legal or other professional advice before acting and not rely on any of the content on this website.

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