Tuesday, September 29, 2020

Strata Schemes Management Act 2015 No 50

Part 5
Division 1
Section 73

Administrative fund | Section 73

(1) Establishment of fund An owners corporation must establish an administrative fund.

(2) Amounts payable to fund An owners corporation must pay the following amounts into the administrative fund—

(a)  the contributions levied on, and paid by, owners for payment into the fund,

(b)  the proceeds of the disposal of any personal property of the owners corporation,

(c)  any fees paid to the owners corporation for inspection of its records and the provision of information and certificates relating to its records,

(d)  any monetary penalty payable to the owners corporation under this Act,

(e)  the proceeds of any investment of the fund.

(3)  An owners corporation may also pay the following amounts into the administrative fund—

(a)  any amounts paid to the owners corporation by way of discharge of insurance claims,

(b)  any income of the owners corporation (other than proceeds of any investment of the capital works fund),

(c)  any amount that may be, but is not required to be, paid into the fund under this Act.

(4) Amounts payable from fund An owners corporation may pay money from its administrative fund only for the following purposes—

(a)  payments of the kind for which estimates have been made under section 79 (1),

(b)  payments made in accordance with this Division on a distribution of a surplus in the fund,

(c)  payments to a member of the strata committee of the owners corporation in accordance with this Act,

(d)  other payments in connection with exercising its functions under this Act or the by-laws, or the Strata Schemes Development Act 2015, except payments that are permitted to be made from the capital works fund,

(e)  any monetary penalty payable by the owners corporation under this Act,

(f)  the transfer of money to the capital works fund or to pay expenditure that should have been paid from the capital works fund.

© State of New South Wales Department of Customer Service. For current information go to www.nsw.gov.au.

Disclaimer: Reproduced from the Strata Schemes Management Act 2015 . 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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