Tuesday, September 29, 2020

Strata Schemes Management Act 2015 No 50

Part 5
Division 5
Section 102

Limits on spending by large strata schemes | Section 102

(1)  An owners corporation for a large strata scheme must obtain at least 2 quotations in relation to proposed expenditure in respect of any one item or matter if the proposed expenditure will exceed the amount prescribed by the regulations for the purposes of this section.

(2)  An owners corporation for a large strata scheme must not spend on an item or matter an amount greater than the amount specified for the item or matter (plus 10%) in estimates provided for that item or matter at an annual general meeting.

(3)  The owners corporation may by a resolution passed at a general meeting remove the limitation imposed by subsection (2) generally or in relation to any particular item or matter.

(4)  This section does not apply to expenditure for emergency purposes, including (but not limited to) the following—

(a)  burst or blocked water or sewerage pipes,

(b)  serious damage caused by fire or storm or any other natural disaster,

(c)  unexpected electrical or security system failure,

(d)  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.

© 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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