Body Corporate and Community Management (Specified Two-lot Schemes Module) Regulation 2011
sec.82Administrative and sinking funds under previous regulation
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sec.82 Administrative and sinking funds under previous regulation
This section applies if— a community titles scheme changes from being a scheme to which a previous regulation applied to being a specified two-lot scheme to which this regulation applies; and before the changeover day, the body corporate for the scheme kept an administrative fund or a sinking fund under the previous regulation; and immediately before the changeover day, there was an amount in the administrative fund or the sinking fund. The body corporate may use the amount in the administrative fund and the sinking fund only for the payment of agreed body corporate expenses or the payment of a premium or other charge for insurance required to be taken out by the body corporate. The administrative and sinking funds continue until the funds are expended. (sec.82-ssec.1) This section applies if— a community titles scheme changes from being a scheme to which a previous regulation applied to being a specified two-lot scheme to which this regulation applies; and before the changeover day, the body corporate for the scheme kept an administrative fund or a sinking fund under the previous regulation; and immediately before the changeover day, there was an amount in the administrative fund or the sinking fund. (sec.82-ssec.2) The body corporate may use the amount in the administrative fund and the sinking fund only for the payment of agreed body corporate expenses or the payment of a premium or other charge for insurance required to be taken out by the body corporate. (sec.82-ssec.3) The administrative and sinking funds continue until the funds are expended.
- (a) a community titles scheme changes from being a scheme to which a previous regulation applied to being a specified two-lot scheme to which this regulation applies; and
- (b) before the changeover day, the body corporate for the scheme kept an administrative fund or a sinking fund under the previous regulation; and
- (c) immediately before the changeover day, there was an amount in the administrative fund or the sinking fund.