sec.120

sec.120 Reconciliation statements [ SM, s 170 ]

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 ; or the body corporate decides by ordinary resolution that reconciliation statements must be prepared under this section. A statement (the reconciliation statement ) must be prepared, within 21 days after the last day of each month, for each account kept for the fund showing the reconciliation of— a statement, produced by the financial institution where the account is kept, showing the amounts paid into and from the account during the month; and invoices and other documents showing payments into and from the account during the month. The reconciliation statement must be prepared by— if the fund is administered by a body corporate manager—the body corporate manager; or otherwise—the treasurer. (sec.120-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 ; or the body corporate decides by ordinary resolution that reconciliation statements must be prepared under this section. (sec.120-ssec.2) A statement (the reconciliation statement ) must be prepared, within 21 days after the last day of each month, for each account kept for the fund showing the reconciliation of— a statement, produced by the financial institution where the account is kept, showing the amounts paid into and from the account during the month; and invoices and other documents showing payments into and from the account during the month. (sec.120-ssec.3) The reconciliation statement must be prepared by— if the fund is administered by a body corporate manager—the body corporate manager; or otherwise—the treasurer.

• (a) 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 ; or
• (b) the body corporate decides by ordinary resolution that reconciliation statements must be prepared under this section.
• (a) a statement, produced by the financial institution where the account is kept, showing the amounts paid into and from the account during the month; and
• (b) invoices and other documents showing payments into and from the account during the month.
• (a) if the fund is administered by a body corporate manager—the body corporate manager; or
• (b) otherwise—the treasurer.