Friday, September 25, 2020

Strata Schemes Management Regulation 2016

Part 8
Clause 55

Payment of building bond | Clause 55

(1)  The Secretary must not pay the whole or part of an amount secured by a building bond unless the Secretary has given at least 14 days written notice to the owners corporation, the developer of the strata scheme and the builder of the proposed payment.

(2)  If an application to review a decision to pay the whole or part of an amount secured by a building bond is made in accordance with clause 56, the amount is not to be paid until the application for the review is determined or withdrawn.

© 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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