Body Corporate and Community Management (Accommodation Module) Regulation 2020
sec.159Application of administrative and sinking funds [SM, s 169 ]
Start here
Get a plain-English read of sec.159
Turn the raw legal text into a practical explanation grounded in Body Corporate and Community Management (Accommodation Module) Regulation 2020.
sec.159 Application of administrative and sinking funds [SM, s 169 ]
The sinking fund may be applied towards— spending of a capital or non-recurrent nature; and the periodic replacement of major items of a capital nature; and other spending that should reasonably be met from capital. All other spending of the body corporate must be met from the administrative fund. The cost of repainting the common property or replacing air-conditioning plant would be paid from the sinking fund. The cost of insurance would be paid from the administrative fund. (sec.159-ssec.1) The sinking fund may be applied towards— spending of a capital or non-recurrent nature; and the periodic replacement of major items of a capital nature; and other spending that should reasonably be met from capital. (sec.159-ssec.2) All other spending of the body corporate must be met from the administrative fund. The cost of repainting the common property or replacing air-conditioning plant would be paid from the sinking fund. The cost of insurance would be paid from the administrative fund.
- (a) spending of a capital or non-recurrent nature; and
- (b) the periodic replacement of major items of a capital nature; and
- (c) other spending that should reasonably be met from capital.
- 1 The cost of repainting the common property or replacing air-conditioning plant would be paid from the sinking fund.
- 2 The cost of insurance would be paid from the administrative fund.