sec.38-oc.2Administrative fund and sinking fund

### sec.38-oc.2 Administrative fund and sinking fund A body corporate shall establish and maintain a fund as its administrative fund. A body corporate shall pay into its administrative fund— all moneys received by it in respect of contributions determined under section 38A (1) ; and the proceeds of the sale or other disposal of any personal property of the body corporate; and any fees received by the body corporate under section 40 ; and any amounts paid to the body corporate by way of discharge of insurance claims; and interest received on any investments belonging to the administrative fund. A body corporate shall not disburse any moneys from its administrative fund otherwise than for the purpose of— meeting its liabilities referred to in section 38A (1) ; or carrying out its powers or functions under this Act. A body corporate shall establish and maintain a fund as its sinking fund. A body corporate shall pay into its sinking fund— all moneys received by it in respect of contributions determined under section 38A (2) ; and any amounts paid to the body corporate by way of discharge of insurance claims and not paid to its administrative fund; and all other amounts received by the body corporate and not paid or payable into the administrative fund; and interest received on any investments belonging to the sinking fund. A body corporate shall not disburse any moneys from its sinking fund otherwise than for the purpose of— meeting its liabilities referred to in section 38A (2) ; or carrying out its powers or functions under this Act. A body corporate may only invest any moneys in its administrative fund or its sinking fund in any manner permitted by law for the investment of trust funds or in any prescribed investment. (amended) In subsection (7) — prescribed investment means the investment prescribed under the Building Units and Group Titles Act, section 38 (7) . (amended) A body corporate shall pay any moneys in its administrative fund or its sinking fund that are not otherwise invested under subsection (7) into an account established with a financial institution in the name of the body corporate. (sec.38-oc.2-ssec.1) A body corporate shall establish and maintain a fund as its administrative fund. (sec.38-oc.2-ssec.2) A body corporate shall pay into its administrative fund— all moneys received by it in respect of contributions determined under section 38A (1) ; and the proceeds of the sale or other disposal of any personal property of the body corporate; and any fees received by the body corporate under section 40 ; and any amounts paid to the body corporate by way of discharge of insurance claims; and interest received on any investments belonging to the administrative fund. (sec.38-oc.2-ssec.3) A body corporate shall not disburse any moneys from its administrative fund otherwise than for the purpose of— meeting its liabilities referred to in section 38A (1) ; or carrying out its powers or functions under this Act. (sec.38-oc.2-ssec.4) A body corporate shall establish and maintain a fund as its sinking fund. (sec.38-oc.2-ssec.5) A body corporate shall pay into its sinking fund— all moneys received by it in respect of contributions determined under section 38A (2) ; and any amounts paid to the body corporate by way of discharge of insurance claims and not paid to its administrative fund; and all other amounts received by the body corporate and not paid or payable into the administrative fund; and interest received on any investments belonging to the sinking fund. (sec.38-oc.2-ssec.6) A body corporate shall not disburse any moneys from its sinking fund otherwise than for the purpose of— meeting its liabilities referred to in section 38A (2) ; or carrying out its powers or functions under this Act. (sec.38-oc.2-ssec.7) A body corporate may only invest any moneys in its administrative fund or its sinking fund in any manner permitted by law for the investment of trust funds or in any prescribed investment. (amended) (sec.38-oc.2-ssec.7A) In subsection (7) — prescribed investment means the investment prescribed under the Building Units and Group Titles Act, section 38 (7) . (amended) (sec.38-oc.2-ssec.8) A body corporate shall pay any moneys in its administrative fund or its sinking fund that are not otherwise invested under subsection (7) into an account established with a financial institution in the name of the body corporate. - (a) all moneys received by it in respect of contributions determined under section 38A (1) ; and - (b) the proceeds of the sale or other disposal of any personal property of the body corporate; and - (c) any fees received by the body corporate under section 40 ; and - (d) any amounts paid to the body corporate by way of discharge of insurance claims; and - (e) interest received on any investments belonging to the administrative fund. - (a) meeting its liabilities referred to in section 38A (1) ; or - (b) carrying out its powers or functions under this Act. - (a) all moneys received by it in respect of contributions determined under section 38A (2) ; and - (b) any amounts paid to the body corporate by way of discharge of insurance claims and not paid to its administrative fund; and - (c) all other amounts received by the body corporate and not paid or payable into the administrative fund; and - (d) interest received on any investments belonging to the sinking fund. - (a) meeting its liabilities referred to in section 38A (2) ; or - (b) carrying out its powers or functions under this Act.