Body Corporate and Community Management (Small Schemes Module) Regulation 2020
sec.90Power to borrow [ SM, s 171 ]
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sec.90 Power to borrow [ SM, s 171 ]
The body corporate may, by ordinary resolution, borrow amounts on security agreed between the body corporate and the person from whom the amounts are borrowed. The body corporate must not at any time, without the authority of a resolution without dissent, be in debt for a borrowed amount greater than $3,000. (sec.90-ssec.1) The body corporate may, by ordinary resolution, borrow amounts on security agreed between the body corporate and the person from whom the amounts are borrowed. (sec.90-ssec.2) The body corporate must not at any time, without the authority of a resolution without dissent, be in debt for a borrowed amount greater than $3,000.