Topic: Does OC Need to Give Permission for Strata Finance?

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22/03/2015 at 9:13 pm #9962 Reply | Quote
nyonyakay
Flatchatter
Basically, the strata plan I am in is pretty broke. I hear whispers of big special levies coming, or ….. the possibility that they may quietly borrow money and just raise levies to service the loan repayments.

In NSW, can the EC just quietly borrow the money to avoid the pain and hassle of a special levy through EGM? Or are they required by law to get OC permission to borrow money to top up the admin and sinking funds?
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22/03/2015 at 9:37 pm #23271 Reply
scotlandx
Flatchatter
No the EC can’t quietly borrow money. If the OC wants to borrow money it requires approval at a general meeting.

You have the right to know what the EC is planning and doing – they are required to give notice of meetings with an agenda of items being considered. You can attend those meetings. If they are not giving notice ask why and remind them of their obligations.

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Reply To: Does OC Need to Give Permission for Strata Finance?

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