(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.