Thursday, October 1, 2020

Strata Schemes Management Act 2015 No 50

Part 5
Division 2
Section 80

Owners corporation to prepare 10-year capital works fund plan | Section 80

(1)  An owners corporation is to prepare a plan of anticipated major expenditure to be met from the capital works fund for a 10-year period commencing on the first annual general meeting of the owners corporation.

(2)  An owners corporation is to prepare a plan for each 10-year period following the 10-year period to which the first plan applied. The plan is to be prepared for the annual general meeting at which the period covered by the previous plan expires.

(3)  An owners corporation may, by resolution at a general meeting, review, revise or replace a 10-year plan prepared under this section and must review the plan at least once every 5 years.

(4)  A plan under this section is to include the following—

(a)  details of proposed work or maintenance,

(b)  the timing and anticipated costs of any proposed work,

(c)  the source of funding for any proposed work,

(d)  any other matter the owners corporation thinks fit,

(e)  any other matter prescribed by the regulations for the purposes of this section.

(5)  A plan under this section is to be finalised by the end of the next annual general meeting of the owners corporation after the annual general meeting for which the plan is prepared.

(6)  An owners corporation may engage expert assistance in the preparation of a plan under this section.

(7)  An owners corporation is, so far as practicable (and subject to any adjustment under this section), to implement each plan prepared under this section.

© 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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