94Management module of a scheme

94 Management module of a scheme (1) The regulations may prescribe management modules for different schemes. (2) A management module may provide for any of the following: (a) a matter concerning the administration of a scheme; (b) a matter for which a management module may make provision under this Act. (3) Without limiting subsection (2)(a), the management module may provide for the following: (a) the budget of the body corporate; (b) the annual contributions and other levies payable by the unit owners to the body corporate; (c) discounts and penalties relating to the payment of the contributions and levies; (d) recovery of unpaid contributions and levies; (e) funds to be kept by the body corporate; (f) powers and restrictions relating to borrowing by the body corporate; (g) application of amounts in funds; (h) limitation on the expenditure of the body corporate; (i) keeping accounts and preparing statements of accounts; (j) auditing statements of accounts by an auditor.

Unit Title Schemes Act 2009 59 (4) The management module of a scheme is: (a) the management module that applies to the scheme as prescribed by regulation; or (b) the management module mentioned in paragraph (a) with changes approved by the schemes supervisor in accordance with the regulations. (5) The regulations may provide for the approval of the schemes supervisor under subsection (4)(b) (including, for example, the payment of a fee for the approval). (6) This Act does not require the member schemes of a layered scheme to have the same management module.