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Requirements of Large Strata Schemes

Requirements of Large Strata Schemes

Requirements of Large Strata Schemes

Large Strata Schemes

Large strata schemes have more than 100 lots, not including parking and utility lots (Section 6). Some special provisions apply to large schemes:

  • financial accounts must be audited every year (Section 95)
  • annual budgets must list amounts expected to be spent on specific items (Section 79 Part 6)
  • at least two quotes must be obtained by the owners corporation for items over $30,000 (Regulation 25)
  • proxy votes for a owners corporation meeting must be provided to the secretary at least 24 hours before the meeting (Schedule 1, Part 3 Section 26)
  • personal notice of all upcoming strata committee meetings must be provided to lot owners (including displaying the notice on the notice board (if any) maintained by the owners corporation). (Schedule 2, Part 2, Section 4)
  • The minutes of strata committee meetings must be provided to lot owners upon request within 7 days (notice cannot be given via noticeboards). (Schedule 2, Part 3 Section 17)

Large strata schemes cannot spend more than 10 percent above the budgeted amount for any item unless restriction removed or for emergency purposes (Section 102). This restriction can be removed by a resolution at a general meeting, and does not apply to expenditure for emergency purposes, including (but not limited to) the following;

  • burst or blocked water or sewerage pipes,
  • serious damage caused by fire or storm or any other natural disaster,
  • unexpected electrical or security system failure,
  • glass breakages that affect the security of any building in the strata scheme or could result in damage to the inside of any such building

Portions of this article may be subject to copyright.

© State of New South Wales (NSW Fair Trading). For current information go to fairtrading.nsw.gov.au 

 

This website does not give legal advice or any other professional advice. You should obtain legal advice before you take any action or otherwise rely upon the contents of this article.

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Strataville Editorial

Strataville Editorial

Strataville | the home of strata living. It's a hub of information, strata news and reviews to help improve your strata living lifestyle. Like to submit an article? Have a question? Please drop us an email here.

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