74Capital works fund

#### 74 Capital works fund 74 Capital works fund > > (1) Establishment of fund An owners corporation must establish a capital works fund. > > > (2) Amounts payable to fund An owners corporation must pay the following amounts into the capital works fund— > > > > > (a) the contributions levied on, and paid by, owners for payment into the fund, > > > > > (b) any amounts paid to the owners corporation by way of discharge of insurance claims, unless paid into the administrative fund, > > > > > (c) any amounts paid to the owners corporation under Part 11, > > > > > (d) any amount received by the owners corporation that is not required or permitted to be paid into the administrative fund, > > > > > (e) the proceeds of any investment of the fund. > > > (3) An owners corporation may also pay the following amounts into the capital works fund— > > > > > (a) any income of the owners corporation, > > > > > (b) any amount that may be, but is not required to be, paid into the fund under this Act. > > > (4) Amounts payable from fund An owners corporation may pay money from its capital works fund only for the following purposes— > > > > > (a) payments of the kind for which estimates have been made under section 79 (2), > > > > > (b) payments made in accordance with this Division on a distribution of a surplus in the fund, > > > > > (c) payments of amounts for the purposes of Part 11, > > > > > (d) the transfer of money to the administrative fund or to pay expenditure that should have been paid from the administrative fund. > > > (5) Exemption An owners corporation for a strata scheme comprising 2 lots need not establish a capital works fund if— > > > > > (a) the owners corporation so determines by unanimous resolution, and > > > > > (b) the buildings comprised in one of those lots are physically detached from the buildings comprised in the other lot, and > > > > > (c) no building or part of a building in the strata scheme is situated outside those lots.