25Power to borrow money

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25 Power to borrow money

(1) An owners corporation may borrow money—

S. 25(1)(a) amended by No. 2/2008 s. 12(2).

(a) by ordinary resolution, if the amount borrowed does not exceed the amount of the current annual fees of the owners corporation set under section 23; or

(b) by special resolution in any other case.

(2) An owners corporation may repay money borrowed.

Section 25 - Owners Corporations Act 2006 - Power to borrow money | Zoe