sec.174Levies by bodies corporate on members

sec.174 Levies by bodies corporate on members

A body corporate may levy— the contributions determined by it under section 177 (1) (i) ; and any amount determined under section 177 (2) in relation to the contributions; by giving its members written notice of the contributions payable by them. Contributions must be levied, and are payable by the members of the body corporate, in shares proportional to their voting entitlements at the time the contributions are levied. If a contribution is outstanding when a person becomes a member of the body corporate, the member is liable for the contribution jointly and severally with the member who previously owed it. A contribution— is payable to the body corporate in accordance with its decision to make the levy; and if paid within 30 days from the day on which it becomes payable—is to be reduced by the part of the contribution attributable to any amount determined under section 177 (2) ; and may be recovered as a debt by the body corporate in a court of competent jurisdiction; and must be paid to the body corporate as a monetary amount. This section does not prevent the body corporate determining, in general meeting (either generally or in a particular case), that a contribution may be reduced under subsection (4) (b) even if the contribution is not paid within the time mentioned in the subsection. Despite subsection (4) (d) , a contribution levied by a body corporate on a member is taken to be paid in full or part if it is satisfied in full or part by an offset arrangement between the body corporate and the member. Subsection (6) applies only if— the terms of the offset arrangement were approved by resolution of the body corporate at a general meeting before the arrangement was completed; and the fair value of land, goods or services provided as an offset under the offset arrangement equals the value of the contribution sought to be satisfied in full or part by the offset arrangement. Neither the member nor an associate of the member is entitled to vote on the motion for the resolution mentioned in subsection (7) (a) . s 174 amd 2022 No. 28 s 36 (sec.174-ssec.1) A body corporate may levy— the contributions determined by it under section 177 (1) (i) ; and any amount determined under section 177 (2) in relation to the contributions; by giving its members written notice of the contributions payable by them. (sec.174-ssec.2) Contributions must be levied, and are payable by the members of the body corporate, in shares proportional to their voting entitlements at the time the contributions are levied. (sec.174-ssec.3) If a contribution is outstanding when a person becomes a member of the body corporate, the member is liable for the contribution jointly and severally with the member who previously owed it. (sec.174-ssec.4) A contribution— is payable to the body corporate in accordance with its decision to make the levy; and if paid within 30 days from the day on which it becomes payable—is to be reduced by the part of the contribution attributable to any amount determined under section 177 (2) ; and may be recovered as a debt by the body corporate in a court of competent jurisdiction; and must be paid to the body corporate as a monetary amount. (sec.174-ssec.5) This section does not prevent the body corporate determining, in general meeting (either generally or in a particular case), that a contribution may be reduced under subsection (4) (b) even if the contribution is not paid within the time mentioned in the subsection. (sec.174-ssec.6) Despite subsection (4) (d) , a contribution levied by a body corporate on a member is taken to be paid in full or part if it is satisfied in full or part by an offset arrangement between the body corporate and the member. (sec.174-ssec.7) Subsection (6) applies only if— the terms of the offset arrangement were approved by resolution of the body corporate at a general meeting before the arrangement was completed; and the fair value of land, goods or services provided as an offset under the offset arrangement equals the value of the contribution sought to be satisfied in full or part by the offset arrangement. (sec.174-ssec.8) Neither the member nor an associate of the member is entitled to vote on the motion for the resolution mentioned in subsection (7) (a) .