Monday, September 28, 2020

Strata Schemes Management Act 2015 No 50

Part 5
Division 1
Section 76

Use of administrative fund or capital works fund for purposes of other fund | Section 76

(1)  This section applies if the owners corporation for a strata scheme having more than 2 lots—

(a)  transfers money from the administrative fund to the capital works fund or uses the administrative fund to meet expenditure that should have been met from the capital works fund, or

(b)  transfers money from the capital works fund to the administrative fund or uses the capital works fund to reimburse expenditure that should have been met from the administrative fund.

(2)  The owners corporation must, not later than 3 months after the transfer or use, determine the amount to be levied as a contribution to the fund from which the transfer or use was made to reimburse the amounts paid from the fund. Section 81 (3) and (5) apply to a contribution determined under this subsection.

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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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