Victoria Owners Corporations Act 2006
Part 3: Financial management (fees, accounts, audit, maintenance plan and fund) – Victoria Owners Corporations Act 2006

Victoria Owners Corporations Act 2006 40-45: Maintenance fund: establishment, payments in and payments out

What does 40-45 require?

An owners corporation with an approved maintenance plan must establish a maintenance fund in its own name. The designated part of annual fees, insurance proceeds for property covered by the plan, interest on the fund and any other amounts resolved must be paid in. Money may be paid out in accordance with the approved plan subject to any conditions in the regulations or by ordinary resolution; payments for other purposes require a special resolution (section 44), and payments for urgent matters (court or VCAT orders, safety, prevention of significant loss, or damage to the common property) are permitted under section 45 with a report to the next general meeting.

Maintained by Gerard Blokdyk

Other controls in Part 3: Financial management (fees, accounts, audit, maintenance plan and fund) – Victoria Owners Corporations Act 2006

Query this from an agent

The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.