sec.111Adjusting proposed budgets at annual general meeting [ SM, s 161 ]

sec.111 Adjusting proposed budgets at annual general meeting [ SM, s 161 ]

The amount of an administrative or sinking fund budget adopted by a body corporate at an annual general meeting may be more or less than the proposed budget amount by an amount equivalent to not more than 10% of the proposed budget amount. A proposed administrative fund budget is $5,000. The administrative fund budget adopted by the body corporate at the annual general meeting may be between $4,500 and $5,500. However, the amount of a proposed budget may be adjusted only to provide for spending, or remove amounts included in the proposed budget for spending, from the fund for the financial year if— the motion to approve the spending is stated in the agenda for the meeting; and either— the spending is approved by the body corporate but is not adequately provided for in the proposed budget; or the spending is provided for in the proposed budget but the body corporate does not approve the spending at the meeting. The adjustment must be approved by a majority of voters present and entitled to vote on the adjustment. If the amount of a proposed budget is adjusted under this section— the proposed contributions to be paid by owners of lots for the financial year are proportionately adjusted; and it is not necessary to amend the motion stated in a voting paper for the fixing of contributions to incorporate the adjustment; and a copy of the adopted budget must be given to each owner of a lot with the copy of the minutes of the meeting given to the owner under section 75 . (sec.111-ssec.1) The amount of an administrative or sinking fund budget adopted by a body corporate at an annual general meeting may be more or less than the proposed budget amount by an amount equivalent to not more than 10% of the proposed budget amount. A proposed administrative fund budget is $5,000. The administrative fund budget adopted by the body corporate at the annual general meeting may be between $4,500 and $5,500. (sec.111-ssec.2) However, the amount of a proposed budget may be adjusted only to provide for spending, or remove amounts included in the proposed budget for spending, from the fund for the financial year if— the motion to approve the spending is stated in the agenda for the meeting; and either— the spending is approved by the body corporate but is not adequately provided for in the proposed budget; or the spending is provided for in the proposed budget but the body corporate does not approve the spending at the meeting. (sec.111-ssec.3) The adjustment must be approved by a majority of voters present and entitled to vote on the adjustment. (sec.111-ssec.4) If the amount of a proposed budget is adjusted under this section— the proposed contributions to be paid by owners of lots for the financial year are proportionately adjusted; and it is not necessary to amend the motion stated in a voting paper for the fixing of contributions to incorporate the adjustment; and a copy of the adopted budget must be given to each owner of a lot with the copy of the minutes of the meeting given to the owner under section 75 .