@Whale said:
Thanks Peter and Kanga – I’m coming from an angle based on my interpretation of the S76(4), whereby a Special Levy is to be raised (only) in circumstances where an expense arises, the payment of which “cannot at once be met from either fund”.
@Whale said:
You know how it feels when you think that you’ve got it right even though one of the biggest strata managers in NSW has taken a different (incorrect) approach;
I need to get this clear in my own mind too, for a similar situation.
My disagreement is with the two words you have inserted in brackets.
Just because the Act specifies a situation where you must impose a Special Levy does not mean that is the only situation where the OC may decide to have one. That make the SM’s proposal a viable alternative but not incorrect. But their assertion that it is the only solution is incorrect.
IMHO, your proposal is also legal and viable (if you have cash flow).
And what owner would not prefer the time-payment approach rather than an immediate large Special Levy?
Are we on the same page?