sec.150Financial management arrangements

sec.150 Financial management arrangements

Subject to section 151 , the financial management arrangements applying to a community titles scheme are those stated in the regulation module applying to the scheme. Without limiting subsection (1) , the regulation module applying to a community titles scheme may provide for financial arrangements about the following— the budget of the body corporate; levying lot owners for contributions, including contributions of an interim nature for the period from the end of a financial year to 30 days after the annual general meeting for the next financial year; discounts and penalties relating to the payment of contributions; recovery of unpaid contributions; funds to be kept by the body corporate; powers and restrictions relating to borrowing; application of amounts in funds; spending limitations applying to the body corporate, and spending limitations applying to the committee for the body corporate; keeping accounts and preparing statements of accounts; auditing of statements of accounts by an auditor. To avoid doubt, it is declared that the financial management arrangements contained in a regulation module applying to a community titles scheme may impose obligations and limitations on both the body corporate (including the committee for the body corporate) and lot owners. s 150 amd 1997 No. 78 s 16 ; 2003 No. 6 s 50 (sec.150-ssec.1) Subject to section 151 , the financial management arrangements applying to a community titles scheme are those stated in the regulation module applying to the scheme. (sec.150-ssec.2) Without limiting subsection (1) , the regulation module applying to a community titles scheme may provide for financial arrangements about the following— the budget of the body corporate; levying lot owners for contributions, including contributions of an interim nature for the period from the end of a financial year to 30 days after the annual general meeting for the next financial year; discounts and penalties relating to the payment of contributions; recovery of unpaid contributions; funds to be kept by the body corporate; powers and restrictions relating to borrowing; application of amounts in funds; spending limitations applying to the body corporate, and spending limitations applying to the committee for the body corporate; keeping accounts and preparing statements of accounts; auditing of statements of accounts by an auditor. (sec.150-ssec.3) To avoid doubt, it is declared that the financial management arrangements contained in a regulation module applying to a community titles scheme may impose obligations and limitations on both the body corporate (including the committee for the body corporate) and lot owners.

• (a) the budget of the body corporate;
• (b) levying lot owners for contributions, including contributions of an interim nature for the period from the end of a financial year to 30 days after the annual general meeting for the next financial year;