sec.112Contributions to be levied on owners [ SM, s 162 ]

sec.112 Contributions to be levied on owners [ SM, s 162 ]

The body corporate must, by ordinary resolution— fix, on the basis of its budgets for a financial year, the contributions to be levied on the owner of each lot for the financial year; and decide the number of instalments in which the contributions are to be paid; and fix the date on or before which payment of each instalment is required. If a liability arises for which no provision, or inadequate provision, has been made in the budget, the body corporate must, by ordinary resolution— fix a special contribution to be levied on the owner of each lot towards the liability; and decide whether the contribution is to be paid in a single amount or in instalments and, if in instalments, the number of instalments; and fix the date on or before which payment of the single amount or each instalment is required. Also, the committee may fix an interim contribution to be levied on the owner of each lot before the owner is levied contributions fixed on the basis of the body corporate’s budgets for a financial year. The amount of a contribution mentioned in subsection (3) — must subsequently be set off against the liability to pay contributions mentioned in subsection (1) ; and must be calculated on the basis of the level of contributions applying for the community titles scheme for the previous financial year; and must relate, as closely as practicable, to the period from the end of the previous financial year to 2 months after the proposed date of the annual general meeting. The contributions levied on the owner of each lot, other than contributions payable for insurance, the promotion fund budget and any other matter for which, under the Act , the liability attaching to each lot is calculated other than on the basis of the lot’s contribution schedule lot entitlement, must be proportionate to the contribution schedule lot entitlement of the lot. For examples of other matters for subsection (5) , see sections 144 , 147 , 148 and 149 . (sec.112-ssec.1) The body corporate must, by ordinary resolution— fix, on the basis of its budgets for a financial year, the contributions to be levied on the owner of each lot for the financial year; and decide the number of instalments in which the contributions are to be paid; and fix the date on or before which payment of each instalment is required. (sec.112-ssec.2) If a liability arises for which no provision, or inadequate provision, has been made in the budget, the body corporate must, by ordinary resolution— fix a special contribution to be levied on the owner of each lot towards the liability; and decide whether the contribution is to be paid in a single amount or in instalments and, if in instalments, the number of instalments; and fix the date on or before which payment of the single amount or each instalment is required. (sec.112-ssec.3) Also, the committee may fix an interim contribution to be levied on the owner of each lot before the owner is levied contributions fixed on the basis of the body corporate’s budgets for a financial year. (sec.112-ssec.4) The amount of a contribution mentioned in subsection (3) — must subsequently be set off against the liability to pay contributions mentioned in subsection (1) ; and must be calculated on the basis of the level of contributions applying for the community titles scheme for the previous financial year; and must relate, as closely as practicable, to the period from the end of the previous financial year to 2 months after the proposed date of the annual general meeting. (sec.112-ssec.5) The contributions levied on the owner of each lot, other than contributions payable for insurance, the promotion fund budget and any other matter for which, under the Act , the liability attaching to each lot is calculated other than on the basis of the lot’s contribution schedule lot entitlement, must be proportionate to the contribution schedule lot entitlement of the lot. For examples of other matters for subsection (5) , see sections 144 , 147 , 148 and 149 .