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(c) the body corporate manager.
Division 4 Approved forms
68 Power to approve forms
(1) The committee may approve forms for use under this management
module (other than Part 7).
(2) The schemes supervisor may approve forms for use under Part 7 of
this management module.
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Schedule 2 Management module 2 – standard scheme
regulation 5(1)(b)
Part 1 Preliminary matters
1 Definitions
In this management module:
acting committee member, see clause 10(1).
annual financial statement, see clause 55(1)(b).
annual general meeting, see clause 29.
authorised audit company, see section 9 of the Corporations
Act 2001.
chairperson:
(a) of a committee – means the person elected under
clause 7(1)(a); or
(b) of a body corporate – means the chairperson under
clause 7(2).
committee meeting means a meeting of the committee of a body
corporate.
company means:
(a) a company as defined in section 9 of the Corporations Act
2001; or
(b) an incorporated association as defined in section 4 of the
Associations Act 2003; or
(c) any other body corporate.
first annual general meeting means the meeting mentioned in
clause 26.
general meeting means a meeting of a body corporate.
interim resolution, see clause 3.
notice of opposition, see clause 21(1).
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restricted matter, for a body corporate, means a matter a decision
on which, under the Act or clause 25 of this management module,
may be made only by the body corporate.
secretary:
(a) of a committee – means the person elected under
clause 7(1)(b); or
(b) of a body corporate – means the secretary under clause 7(2).
special levy means a levy charged under clause 50 or 51.
teleconferencing includes the use of telephone, computer or video
equipment.
2 Decisions of body corporate
(1) A decision of a body corporate must be made:
(a) at a general meeting of the body corporate; or
(b) in accordance with the process set out in clause 34.
(2) Unless otherwise specified in this management module, a motion is
passed at a general meeting if it is passed by an ordinary
resolution.
3 Interim resolutions
(1) An interim resolution is a resolution of a committee or body
corporate made at a meeting without a quorum.
(2) An interim resolution does not have effect until it becomes a
resolution in accordance with the process set out:
(a) for an interim resolution of a committee – in clause 15; or
(b) for an interim resolution of a body corporate – in clause 34.
Part 2 Committee of body corporate
Division 1 Constitution of committee
4 Constitution of committee before first annual general meeting
(1) Until the first annual general meeting of a body corporate, the
committee of the body corporate consists of the members of the
body corporate, who are taken to be elected committee members.
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(2) If a member of the body corporate is a company, the member must
appoint an individual to be a committee member in place of the
member.
(3) The committee must not exercise a power or perform a function of
the body corporate unless authorised to do so by a resolution
without dissent of the body corporate recorded in accordance with
clause 57.
(4) Each committee member vacates office immediately before the
election of committee members at the first annual general meeting.
5 Number of committee members after first annual general
meeting
(1) The body corporate must, at its first annual general meeting:
(a) decide the number of members who will constitute the
committee; and
(b) elect the committee members.
(2) The number of committee members must be:
(a) at least 2; and
(b) unless decided by a special resolution – not more than 7.
(3) The body corporate may, by a special resolution at a later annual
general meeting, vary the number.
(4) The committee consists of all the members of the body corporate if:
(a) there are not more than 3 members of the body corporate; or
(b) the number of members of the body corporate is equal to or
less than the number decided to be the number of committee
members.
(5) If subclause (4) applies:
(a) the committee members are taken to be elected committee
members; and
(b) if a member of the body corporate is a company – the member
must appoint an individual to be a committee member in place
of the member.
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6 Election of committee members
(1) The body corporate must elect the committee members at each
annual general meeting.
(2) If a member of the body corporate is a company, the member may
appoint an individual to stand for election on behalf of the member.
Note for clause 6
Under section 74(3) of the Act, a committee member must be:
(a) a unit owner that is an individual; or
(b) an individual appointed by a unit owner that is a body corporate.
7 Chairperson and secretary
(1) At the first committee meeting after the annual general meeting, the
committee must elect:
(a) the chairperson of the committee; and
(b) the secretary of the committee.
(2) The chairperson and secretary of the committee are also the
chairperson and secretary of the body corporate.
(3) The chairperson and secretary hold office for the term and on the
conditions decided by the body corporate.
8 Term of office of committee member
(1) The term of office of a committee member expires immediately
before the election of the committee members at the next annual
general meeting after the member's election.
(2) A committee member leaves office before the member's term
expires:
(a) for a committee member who is a unit owner that is an
individual – if the committee member stops being a unit owner;
or
(b) for a committee member who is an appointee of a unit owner
that is a company – if the unit owner:
(i) stops being a unit owner; or
(ii) gives the body corporate written notice that the unit
owner has terminated the appointment of the committee
member; or
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(c) if the committee member resigns from office by written notice
to the body corporate; or
(d) if the body corporate removes the committee member from
office under clause 9.
(3) If a committee member leaves office before the committee
member's term expires, the committee must appoint another
member of the body corporate, who is a person mentioned in
section 74(3) of the Act, to be a committee member for the
unexpired part of the term.
(4) However, if the committee consists of all the members of the body
corporate because of clause 5(4):
(a) subclauses (2)(c) and (3) do not apply; and
(b) if the body corporate removes a committee member from
office under clause 9, the committee continues to exist without
the member.
9 Removal of committee member for breach of code
(1) If the body corporate believes a committee member has breached
the code of conduct, the body corporate may decide to give the
committee member a written notice stating the following:
(a) the body corporate believes the committee member has
breached a stated provision of the code of conduct and the
basis for that belief;
(b) the committee member may give the body corporate, within
21 working days after the committee member receives the
notice, a written response to the notice;
(c) the body corporate will consider a motion to remove the
committee member from office for the breach at the next
general meeting of the body corporate called after the period
mentioned in paragraph (b) ends.
(2) The body corporate must:
(a) include on the agenda of the next general meeting of the body
corporate, called after the period mentioned in
subclause (1)(b) ends, a motion to remove the committee
member from office for breaching the code of conduct; and
(b) attach to the agenda a copy of the notice given to the
committee member.
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(3) The body corporate may decide to remove the committee member
from office at the next general meeting mentioned in
subclause (2)(a).
(4) In this clause:
code of conduct means the code of conduct that applies to a
committee member under section 77 of the Act.
10 Acting committee member
(1) A committee member may, with the consent of the committee,
appoint a person (an acting committee member) to act in the
committee member's place at a committee meeting.
(2) The acting committee member must be a person mentioned in
section 74(3) of the Act.
(3) If the acting committee member is also a committee member, the
acting committee member may vote at the meeting separately:
(a) as a committee member; and
(b) on behalf of the member who has appointed the acting
committee member.
Division 2 Committee meetings
11 How often committee meets
The committee may decide how often it meets.
12 Calling committee meeting
A committee meeting may be called by:
(a) the chairperson of the committee; or
(b) the secretary of the committee; or
(c) an ordinary resolution of the committee.
13 Notice of committee meeting
(1) The secretary of the committee must give written notice of the
committee meeting to each committee member at least 5 working
days before the date of the meeting.
(2) The notice must:
(a) specify the date, time and place of the meeting; and
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(b) include the agenda for the meeting.
14 Quorum at committee meeting
(1) A quorum for the committee meeting exists if at least 50% of the
committee members are present at the meeting.
(2) For deciding whether or not a quorum is present, an acting
committee member is taken to be a committee member.
15 Interim resolutions if no quorum present
(1) If there is no quorum present at the meeting:
(a) the meeting may take place but all resolutions made at the
meeting are interim resolutions; and
(b) the secretary of the committee must give the following to each
committee member within 14 working days after the meeting:
(i) details of each interim resolution made at the meeting;
(ii) the minutes of the meeting;
(iii) a notice setting out the effect of subclauses (2) to (4);
(iv) a voting paper for each interim resolution.
(2) If an interim resolution is made at the meeting, a committee
member may, within 14 working days after receiving the documents
mentioned in subclause (1)(b), vote on the resolution by recording a
vote on the voting paper and sending it to the secretary of the
committee.
(3) The interim resolution becomes a resolution if:
(a) at least 50% of the committee members vote on it under
subclause (2); and
(b) the votes counted in favour of confirming the interim resolution
is more than the votes counted against confirming it.
(4) If less than 50% of the committee members vote on the interim
resolution under subclause (2), it must be voted on at the next
committee meeting at which a quorum is present.
(5) An interim resolution may only be made under this clause on a
motion that may be passed by an ordinary resolution.
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16 Attendance by teleconferencing
(1) A committee member may attend and participate in the committee
meeting by teleconferencing.
(2) The secretary of the committee must arrange teleconferencing
facilities if requested to do so by the committee member.
(3) It the committee member attends the meeting by teleconferencing,
the committee member is taken to be present at the meeting.
17 Procedures for committee meeting
Except as otherwise provided in the Act and this Division, the
committee may decide the procedures for the committee meeting.
18 Chairperson of committee meeting
(1) The chairperson of the committee is the chairperson of the
committee meeting.
(2) If the chairperson is unable to act as chairperson of the meeting,
the committee members must elect a committee member present at
the meeting to be chairperson.
19 Voting at committee meeting
(1) The chairperson of the committee meeting has the right to vote as a
committee member.
(2) If the voting on a motion that may be passed by an ordinary
resolution is equal, the chairperson of the meeting may cast the
deciding vote in addition to a vote cast under subclause (1).
20 Minutes of committee meeting
(1) The secretary of the committee must keep minutes of each
committee meeting.
(2) The following matters must be recorded in the minutes:
(a) the date, time and place of the meeting;
(b) the names of the committee members present at the meeting;
(c) the names of the committee members voting at the meeting;
(d) all resolutions of the committee made at the meeting;
(e) the voting on all resolutions of the committee at the meeting.
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(3) The secretary must give a copy of the minutes to each member of
the body corporate and each other person with a right to vote at a
general meeting of the body corporate within 21 working days after
the meeting.
21 Notice of opposition to decision of committee meeting
(1) One or more persons, who together have the right to vote in relation
to at least 50% of the total interest entitlements of the scheme, may
give a notice opposing a decision of the committee (a notice of
opposition) to the secretary or the chairperson of the committee.
(2) The notice must be given within 7 working days after the secretary
gives a copy of the minutes containing the decision under
clause 20.
(3) The body corporate must consider the notice of opposition at the
next general meeting and either approve or disapprove the decision
of the committee.
Division 3 Powers of committee
22 Giving effect to decisions of committee
The committee may give effect to a decision of the committee only
if:
(a) the time for giving a notice of opposition to the decision under
clause 21 ends without a notice of opposition being given; or
(b) the decision is necessary to deal with an emergency; or
(c) the decision is approved by the body corporate.
23 Committee decisions are decisions of body corporate
(1) A decision of the committee on a matter is taken to be a decision of
the body corporate unless:
(a) the matter is a restricted matter; or
(b) the committee cannot give effect to the decision under
clause 22.
(2) If subclause (1)(a) or (b) applies, the committee's decision has no
effect.
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24 Restriction on spending by committee
(1) The body corporate may decide a maximum amount of expenditure
that the committee may undertake for repairs or improvements to
the common property of the scheme.
(2) The committee must not undertake expenditure above the amount
unless authorised by the body corporate.
Part 3 Meetings of body corporate
Division 1 Matters to be decided by body corporate
25 Body corporate may decide certain matters
Except as otherwise provided by the Act, the body corporate may
decide that a matter concerning the scheme may be decided only
by the body corporate.
Division 2 Annual general meetings
Subdivision 1 First annual general meeting
26 Calling first annual general meeting
Within 3 months after the registration of a scheme statement, the
original owner for the scheme must call the first annual general
meeting of the body corporate for the scheme.
27 Documents to be given by original owner
(1) At the first annual general meeting of the body corporate, the
original owner for the scheme must give the committee the
following:
(a) the proposed budget for the first financial year for the body
corporate;
(b) a list of all body corporate assets and liabilities;
(c) the name and contact address of each unit owner;
(d) if a body corporate manager has been engaged – the name
and business address of the body corporate manager;
(e) a copy of the scheme statement;
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(f) the accounting records kept by the original owner for the body
corporate;
(g) documents evidencing each contract, lease and licence
binding or benefiting the body corporate;
(h) each certificate of insurance in force for the scheme;
(i) documents evidencing each warranty or guarantee given on
any matter for which the body corporate is responsible;
(j) the seal of the body corporate;
(k) the certificate of title for the common property of the scheme;
(l) a copy of this management module.
(2) However, the original owner is not required to give the certificate of
title for the common property if it is not in the possession or under
the control of the original owner.
Note for clause 27
Under regulation 7(1), it is an offence for the original owner to fail to comply with
this clause.
28 Matters to be decided at first annual general meeting
The body corporate must, at the first annual general meeting,
decide the following:
(a) whether any insurance policies in force for the scheme should
be retained, varied or extended;
(b) the annual contributions payable by the unit owners to the
body corporate;
(c) whether the proposed budget should be amended;
(d) under clause 25, which matters may be decided only by the
body corporate;
(e) whether any matters mentioned in paragraph (d) must be
decided by a special resolution, a resolution without dissent or
a unanimous resolution.
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Subdivision 2 Further annual general meetings
29 Annual general meetings
After the first annual general meeting, the body corporate must hold
a general meeting (the annual general meeting):
(a) at least once every calendar year; and
(b) within 15 months after the last annual general meeting.
30 Agenda for annual general meeting
The following matters must be on the agenda for an annual general
meeting:
(a) election of committee members;
(b) consideration of the engagement of a body corporate
manager;
(c) consideration of the annual financial statement;
(d) approval of a budget for the next financial year;
(e) review of existing delegations and consideration of proposed
delegations.
Division 3 Calling general meetings
31 Calling general meeting other than the first annual general
meeting
A general meeting of the body corporate, other than the first annual
general meeting, may be called by:
(a) the chairperson of the body corporate; or
(b) the secretary of the body corporate; or
(c) the body corporate manager; or
(d) a person with a right to vote at the meeting nominated by
persons who together have the right to vote in relation to at
least 25% of the total interest entitlements of the scheme.
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32 Notice of general meeting
(1) The person calling the general meeting must give written notice of
the meeting to each person who has the right to vote at the meeting
at least:
(a) 14 working days before the date of the meeting; or
(b) 21 working days before the date of the meeting if:
(i) a resolution without dissent or a unanimous resolution is
proposed to be moved at the meeting; or
(ii) a resolution to terminate the scheme is proposed to be
moved at the meeting.
(2) The notice must:
(a) specify the date, time and place of the meeting; and
(b) include the agenda for the meeting; and
(c) if the meeting is the annual general meeting – include the
annual financial statement for the previous financial year and
the proposed budget for the next financial year for the body
corporate; and
(d) include the text of any special resolution, resolution without
dissent or unanimous resolution to be moved at the meeting;
and
(e) if a resolution to authorise expenditure for repairs or
improvements above the amount mentioned in clause 24(1)
will be moved – include 2 quotations for the cost of the repairs
or improvements.
(3) The proceedings at the meeting are not invalidated only because
notice of the meeting is not given in accordance with this clause.
(4) However, the meeting must be adjourned to a later date decided by
the persons present who have the right to vote at the meeting if:
(a) notice of the meeting is given to a person who has the right to
vote at the meeting after the last day for giving notice under
subclause (1); and
(b) the person requests an adjournment:
(i) before the meeting, in writing to the secretary of the
body corporate; or
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(ii) at the meeting.
33 Quorum at general meeting
A quorum for the general meeting exists if persons who together
have the right to vote in relation to at least 50% of the total interest
entitlements of the scheme are present at the meeting.
34 Interim resolutions if no quorum present
(1) If there is no quorum present at the general meeting:
(a) the meeting may take place but all resolutions made at the
meeting are interim resolutions; and
(b) the secretary of the body corporate must give the following to
each person with a right to vote at the meeting within
14 working days after the meeting:
(i) details of each interim resolution made at the meeting;
(ii) the minutes of the meeting;
(iii) a notice setting out the effect of subclauses (2) and (3).
(2) If an interim resolution is made at the meeting, a person may, in
accordance with clauses 31 and 32, call a further general meeting
within 29 working days after the date of the interim resolution.
(3) An interim resolution becomes a resolution of the body corporate:
(a) if notice of a further general meeting is given and the meeting
is held within 28 working days after the notice is given – if the
resolution is confirmed at the meeting; or
(b) if notice of a further general meeting is given and the meeting
is not held within 28 working days after the notice is given – at
the end of that 28 working day period; or
(c) otherwise – 29 working days after the date of the interim
resolution.
(4) An interim resolution may only be made under this clause on a
motion that may be passed by an ordinary resolution.
35 Attendance by teleconferencing
(1) A person who has the right to vote at a general meeting may attend
and participate in the meeting by teleconferencing.
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(2) The secretary of the body corporate must arrange teleconferencing
facilities if requested to do so by the person.
(3) A person who attends a meeting by teleconferencing is taken to be
present at the meeting.
36 Procedures for general meeting
Except as otherwise provided in the Act and this Division, the body
corporate may decide the procedures for the general meeting.
37 Chairperson of general meeting
(1) The chairperson of the committee is the chairperson of the general
meeting.
(2) If the chairperson is unable to act as chairperson of the meeting,
the persons present who have the right to vote at the meeting must
elect to be chairperson for the meeting a person present at the
meeting who:
(a) has the right to vote at the meeting; or
(b) is the body corporate manager.
Division 4 Voting at general meeting
Subdivision 1 Voting generally
38 Voting by chairperson
If the chairperson of a general meeting would otherwise have the
right to vote at the meeting:
(a) the chairperson has the right to vote at the meeting; and
(b) if the voting on a motion that must be passed by an ordinary
resolution is equal, the chairperson may cast the deciding vote
in addition to a vote cast under paragraph (a).
39 Method of voting
Voting at a general meeting must be by:
(a) written vote:
(i) if a poll is taken; or
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(ii) if a person casts an absentee vote on a motion that must
be passed by a resolution without dissent or a
unanimous resolution; or
(iii) on a motion to terminate the scheme; or
(b) otherwise – show of hands.
40 Result of voting
Following a vote on a motion at a general meeting, the chairperson
of the meeting must either:
(a) declare the result; or
(b) if the chairperson is unable to declare the result based on a
vote by show of hands – call a poll.
41 Polls
(1) A poll must be taken for a motion (including a motion that must be
passed by a special resolution, a resolution without dissent or a
unanimous resolution) if:
(a) a person present at the meeting with a right to vote on the
motion calls a poll; or
(b) the chairperson calls a poll under clause 40(b).
(2) If 2 or more persons have the right to exercise 1 vote jointly, one of
the persons may call a poll under subclause (1)(a).
(3) A call for a poll under subclause (1)(a) may be withdrawn.
(4) The result of the poll determines whether or not the motion for
which the poll was taken has been carried.
(5) The chairperson must declare the result as soon as it is
determined.
Subdivision 2 Alternative methods of voting
42 Appointment of proxy
(1) A person with a right to vote at a general meeting may appoint a
proxy to vote on the person's behalf at the meeting.
(2) If 2 or more persons have the right to exercise 1 vote jointly, the
persons may jointly appoint a proxy to exercise the right.
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(3) The appointment of a proxy must:
(a) be in writing in the form approved by the committee; and
(b) include the period of appointment; and
(c) if 2 or more persons are jointly appointing a proxy under
subclause (2) – be signed by each of the persons.
43 Absentee vote on resolution without dissent or unanimous
resolution
(1) If a resolution without dissent or a unanimous resolution is
proposed to be moved at a general meeting:
(a) the person giving notice of the meeting must give each person
who has the right to vote on the motion an absentee voting
paper with the notice; and
(b) a person who has the right to vote on the motion may cast an
absentee vote by recording the vote on the voting paper and
giving it to the body corporate before the meeting.
(2) The person must give the voting paper to the body corporate by:
(a) placing it in the letterbox mentioned in section 83(1) of the Act
at least 24 hours before the meeting; or
(b) giving it to the secretary of the body corporate before the
meeting.
(3) A person who casts an absentee vote is, except for deciding
whether a quorum is present at the meeting, taken to be present at
the meeting and to have exercised the person's right to vote on the
motion.
Subdivision 3 Right to vote
44 Voting by mortgagees
(1) If a unit owner's interest in a unit is subject to a mortgage, the
mortgagee may give the body corporate written notice that:
(a) the unit is subject to the mortgage; and
(b) the mortgagee proposes to exercise voting rights under this
clause.
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(2) If the mortgagee gives the notice:
(a) the member does not have a right to vote in relation to the
unit; and
(b) the mortgagee has the right to vote in relation to the unit.
(3) If the mortgage is discharged, the mortgagee's right to vote ends.
(4) If 2 or more persons are mortgagees of a unit as joint tenants or
tenants in common:
(a) the right to give notice under subclause (1) may be exercised
only by the mortgagees jointly; and
(b) the right to vote may be exercised only by the mortgagees
jointly.
(5) If a unit is held by 2 or more members as tenants in common and
one of the members has mortgaged the member's interest in the
unit:
(a) the mortgagee may give notice to the body corporate under
subclause (1); and
(b) this clause applies to the mortgagee in relation to the right to
vote that the mortgagor may otherwise exercise.
(6) In this clause:
mortgagee, if there are 2 or more mortgages, means the
mortgagee under the mortgage entitled to priority over the other
mortgage or mortgages.
45 Tribunal may appoint person to vote
(1) This clause applies if, for a motion that must be passed by a
resolution without dissent or a unanimous resolution:
(a) a person who has the right to vote on the motion in relation to
a unit:
(i) is unavailable to vote on the motion; and
(ii) has not appointed a proxy to vote on the person's behalf;
or
(b) the body corporate does not know who has the right to vote in
relation to a unit.
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(2) The Tribunal may:
(a) order that the person's right to vote may be dispensed with for
the motion or permanently; or
(b) appoint another person to exercise the right to vote on the
motion.
(3) The body corporate or a person who has the right to vote on the
motion may apply for an order under this clause.
46 Voting by children
If a member of the body corporate is under 18 years of age:
(a) the member cannot exercise the member's right to vote; but
(b) that right may be exercised by the member's parent or
guardian.
Part 4 Exclusive use by-laws
47 Costs relating to common property
If special rights about common property or a body corporate asset
are allocated to a unit under an exclusive use by-law, the unit
owner is not liable to pay maintenance and operating costs relating
to the common property or asset unless the by-law specifically
provides that the owner is liable.
Part 5 Financial and record management
Division 1 Annual contributions and other levies
48 Amount of annual contributions
The body corporate may, from time to time, decide:
(a) the amount of annual contributions payable by the unit owners
to the body corporate; and
(b) how the contributions must be paid.
Note for clause 48
Under section 39(3) of the Act, the contribution entitlement of a unit divided by
the total contribution entitlements of all the units is the ratio representing the unit
owner's share of annual contributions.
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49 Purpose of annual contributions
Annual contributions paid by unit owners to the body corporate
must be used to fund the following:
(a) the administration of the body corporate;
(b) maintenance and repairs of the common property of the
scheme;
(c) the insurance policies the body corporate is required to
maintain under the Act;
(d) other costs reasonably incurred by the body corporate in
performing its functions under the Act.
50 Levy for single item of expenditure
(1) The body corporate may, by a special resolution, decide to charge
unit owners a levy to fund a single item of expenditure.
(2) The following matters must also be decided by a special resolution:
(a) the amount of the levy;
(b) how the levy must be paid.
(3) The ratio representing a unit owner's share of the levy is the same
as the ratio (mentioned in section 39(3) of the Act) representing the
unit owner's share of annual contributions.
51 Levy for recurring expenditure
(1) The body corporate may, by a unanimous resolution, decide to
charge unit owners a levy to fund a recurring class of expenditure.
(2) The following matters must also be decided by a unanimous
resolution:
(a) the amount of the levy, or the method for calculating the
amount;
(b) how the levy must be paid;
(c) each unit owner's share of the levy, or the method for
calculating each owner's share.
52 Interest on late payment
(1) The body corporate may charge interest for the late payment of
contributions and special levies.
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Unit Title Schemes (Management Modules) Regulations 2009 50
(2) The interest rate is:
(a) an amount, decided by the body corporate, not more than the
rate fixed from time to time for section 85 of the Supreme
Court Act 1979; or
(b) if the body corporate does not decide an amount – the rate
fixed from time to time for section 85 of the Supreme Court
Act 1979.
(3) The body corporate may decide to waive the interest in a particular
case.
53 Recovery of amount owing
An amount owing to the body corporate by a unit owner under this
Division is a debt due and payable to the body corporate.
Division 2 Body corporate assets
54 Mortgage or charge over body corporate asset
The body corporate may, by a resolution without dissent, mortgage
or create a charge over a body corporate asset to raise funds to be
used for the performance of the functions of the body corporate.
Division 3 Records and notices
55 Financial records
(1) The committee must:
(a) ensure proper accounting records are kept for the body
corporate; and
(b) prepare a statement (the annual financial statement) at the
end of each financial year showing:
(i) all income and expenditure of the body corporate for the
year; and
(ii) all assets and liabilities of the body corporate on the last
day of the year, including details of any mortgage or
charge over an asset.
(2) The committee must present the annual financial statement at the
next annual general meeting held after the end of the financial year
for which the statement was prepared.
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Unit Title Schemes (Management Modules) Regulations 2009 51
(3) The committee must ensure each accounting record and annual
financial statement is kept for at least 7 years after the date it is
created.
Note for clause 55
Under regulation 7(2), each committee member commits an offence if the
committee does not comply with subclause (1) or (3).
56 Audit of accounting records
(1) The body corporate may decide at an annual general meeting that
the accounting records of the body corporate for the last financial
year must be audited by:
(a) a person who is a registered company auditor, under the
Corporations Act 2001, or a firm whose members include a
registered company auditor; or
(b) an authorised audit company; or
(c) a person who is a member of CPA Australia, the Institute of
Public Accountants or the Institute of Chartered Accountants
in Australia; or
(d) another person approved by the Minister as an auditor for this
clause.
(2) A person must not audit the accounting records if the person has a
direct or indirect personal or financial interest in the body corporate.
(3) The auditor must give a written report of the audit to the body
corporate.