Body Corporate and Community Management Act 1997
sec.321AChanging financial year
Start here
Get a plain-English read of sec.321A
Turn the raw legal text into a practical explanation grounded in Body Corporate and Community Management Act 1997.
sec.321A Changing financial year
A body corporate for a community titles scheme may, by ordinary resolution at a general meeting, change the financial year for the body corporate and adopt a new 12-month period (the new period ) as the financial year for the body corporate. However, a body corporate may only adopt a new period once within a five-year period. For subsection (2) , the five-year period commences on the day the new period commences. s 321A ins 2023 No. 29 s 40 (sec.321A-ssec.1) A body corporate for a community titles scheme may, by ordinary resolution at a general meeting, change the financial year for the body corporate and adopt a new 12-month period (the new period ) as the financial year for the body corporate. (sec.321A-ssec.2) However, a body corporate may only adopt a new period once within a five-year period. (sec.321A-ssec.3) For subsection (2) , the five-year period commences on the day the new period commences.