The ACT Unit Titles (Management) Act 2011 does not say a lot. “Sch.2.1 The executive committee of an owners corporation must— (a) keep minutes of its proceedings…” does not give a lot of detail.
Part f says: “…keep proper records and books of account in relation to—(i) the corporation’s assets and liabilities (including all amounts owing to and by the corporation)”
Perhaps this impeding expense was a ‘liability’ but perhaps this just means invoices already presented that have not been paid yet.
“If an owners corporation fails to comply with this section, each executive member of the corporation at the time of the failure commits an offence.”
Legal advice might be in order.