sec.151Body corporate’s financial institution accounts

sec.151 Body corporate’s financial institution accounts

This section applies to a financial institution account opened for a body corporate on or after the commencement of this section. The account must be opened with the consent, and in the name, of the body corporate. If the body corporate manager’s contract of engagement requires or authorises the body corporate manager or an associate of the body corporate manager to operate the account for the body corporate, the account must provide for it to be operated for the body corporate by any of the following— the body corporate manager or associate; the authorised members acting jointly. If subsection (3) does not apply, the account must provide for it to be operated jointly for the body corporate by the authorised members. If the body corporate gives the financial institution written notice in the approved form that the body corporate manager’s contract of engagement has ended— the financial institution must not allow the person or the person’s associate to operate the account; and the account is taken to provide for it to be operated for the body corporate by a person nominated by the body corporate and stated in the notice. In this section— authorised members , for operating a financial institution account of the body corporate, means— for a community titles scheme in which all the lots are in identical ownership— the individual who is the owner; or a nominee of the owner; or for a community titles scheme other than a small scheme or a specified two-lot scheme—at least 2 members of the committee for the body corporate who are authorised by the body corporate to operate the account; or for a small scheme—at least 1 member of the committee for the body corporate who is authorised by the body corporate to operate the account; or for a specified two-lot scheme—at least 1 person, other than a body corporate manager for the scheme or an associate of the manager, who is authorised by the body corporate, by a lot owner agreement, to operate the account. s 151 ins 2003 No. 6 s 51 amd 2011 No. 9 s 19 (sec.151-ssec.1) This section applies to a financial institution account opened for a body corporate on or after the commencement of this section. (sec.151-ssec.2) The account must be opened with the consent, and in the name, of the body corporate. (sec.151-ssec.3) If the body corporate manager’s contract of engagement requires or authorises the body corporate manager or an associate of the body corporate manager to operate the account for the body corporate, the account must provide for it to be operated for the body corporate by any of the following— the body corporate manager or associate; the authorised members acting jointly. (sec.151-ssec.4) If subsection (3) does not apply, the account must provide for it to be operated jointly for the body corporate by the authorised members. (sec.151-ssec.5) If the body corporate gives the financial institution written notice in the approved form that the body corporate manager’s contract of engagement has ended— the financial institution must not allow the person or the person’s associate to operate the account; and the account is taken to provide for it to be operated for the body corporate by a person nominated by the body corporate and stated in the notice. (sec.151-ssec.6) In this section— authorised members , for operating a financial institution account of the body corporate, means— for a community titles scheme in which all the lots are in identical ownership— the individual who is the owner; or a nominee of the owner; or for a community titles scheme other than a small scheme or a specified two-lot scheme—at least 2 members of the committee for the body corporate who are authorised by the body corporate to operate the account; or for a small scheme—at least 1 member of the committee for the body corporate who is authorised by the body corporate to operate the account; or for a specified two-lot scheme—at least 1 person, other than a body corporate manager for the scheme or an associate of the manager, who is authorised by the body corporate, by a lot owner agreement, to operate the account.