sec.118Administration of administrative, sinking or promotion fund by body corporate manager [ SM, s 168 ]

sec.118 Administration of administrative, sinking or promotion fund by body corporate manager [ SM, s 168 ]

This section applies if a body corporate manager administers the body corporate’s administrative, sinking or promotion fund under an authorisation given by the body corporate under section 119 (2) of the Act . A body corporate manager who does not comply with section 117 in administering the fund commits an offence. Maximum penalty—20 penalty units. An invoice of the body corporate manager for services provided to the body corporate by the body corporate manager in administering the fund must not include services provided by another person. services provided by an insurance broker or service contractor The body corporate manager must, not later than 30 days after the day (the termination day ) the authorisation under section 119 (2) of the Act is revoked, give to the body corporate the financial records stated in subsection (5) . Maximum penalty—20 penalty units. For subsection (4) , the financial records are each of the following— if required by the body corporate—a balance sheet, as at the termination day, for the fund administered by the body corporate manager; an income and expenditure statement for the fund for the financial year in which the termination day falls; a list of all amounts owing to, and payable from, the fund as at the termination day; a reconciliation statement for the account or accounts kept for the fund for the month most recently completed before the termination day; details of the most recent notice given to each owner of a lot requiring payment of a contribution, or an instalment of a contribution; a record of all contributions, or instalments of contributions, paid by owners of lots during the financial year in which the termination day falls; any other financial record for the fund held by the body corporate manager on the termination day. financial institution deposit books However, subsection (4) does not apply to a financial record if, before the 30-day period ends, the body corporate manager is served with a notice under section 181 for the record. (sec.118-ssec.1) This section applies if a body corporate manager administers the body corporate’s administrative, sinking or promotion fund under an authorisation given by the body corporate under section 119 (2) of the Act . (sec.118-ssec.2) A body corporate manager who does not comply with section 117 in administering the fund commits an offence. Maximum penalty—20 penalty units. (sec.118-ssec.3) An invoice of the body corporate manager for services provided to the body corporate by the body corporate manager in administering the fund must not include services provided by another person. services provided by an insurance broker or service contractor (sec.118-ssec.4) The body corporate manager must, not later than 30 days after the day (the termination day ) the authorisation under section 119 (2) of the Act is revoked, give to the body corporate the financial records stated in subsection (5) . Maximum penalty—20 penalty units. (sec.118-ssec.5) For subsection (4) , the financial records are each of the following— if required by the body corporate—a balance sheet, as at the termination day, for the fund administered by the body corporate manager; an income and expenditure statement for the fund for the financial year in which the termination day falls; a list of all amounts owing to, and payable from, the fund as at the termination day; a reconciliation statement for the account or accounts kept for the fund for the month most recently completed before the termination day; details of the most recent notice given to each owner of a lot requiring payment of a contribution, or an instalment of a contribution; a record of all contributions, or instalments of contributions, paid by owners of lots during the financial year in which the termination day falls; any other financial record for the fund held by the body corporate manager on the termination day. financial institution deposit books (sec.118-ssec.6) However, subsection (4) does not apply to a financial record if, before the 30-day period ends, the body corporate manager is served with a notice under section 181 for the record.