42Payments into maintenance fund

42 Payments into maintenance fund

(1) If an owners corporation has established a maintenance fund, the following must be paid into that fund—

S. 42(1)(a) amended by No. 4/2021 s. 22(1).

(a) any part of the annual fees that is designated as being for the purpose of the approved maintenance plan;

S. 42(1)(b) amended by No. 4/2021 s. 22(1).

(b) any amounts received under an insurance policy in respect of the damage or destruction of property covered by the approved maintenance plan;

(c) any interest earned on the investment of the money in the fund;

(d) any amounts of a prescribed kind;

(e) any amounts of a kind determined by the owners corporation.

S. 42(2) inserted by No. 4/2021 s. 22(2).

(2) The owners corporation must, by ordinary resolution, determine the amount of the annual fees that under subsection (1)(a) must be paid into the fund.

S. 42(3) inserted by No. 4/2021 s. 22(2).

(3) The amount determined under subsection (2) must be adequate to fund the approved maintenance plan.

S. 43 amended by No. 2/2008 s. 12(2).