7Association responsible for management of scheme

7 Association responsible for management of scheme

7 Association responsible for management of scheme

(1) The association for a scheme has the principal authority for the management of the scheme.

(2) An association has, for the benefit of members of, and owners of lots in, the scheme—

(a) the management and control of the use of the association property, and

(b) the administration of the scheme.

(3) An association has responsibility for the following—

(a) managing the finances of the scheme (see Part 5),

(b) keeping accounts and records for the scheme (see Parts 5 and 10),

(c) maintaining and repairing its property (see Part 6),

(d) taking out insurance for the scheme (see Part 9).