EC spending limits

› Forums › Strata Committees › Current Page

Create New Reply
  • Creator
    Topic
  • 26/06/2012 at 5:52 pm #8217 Reply | Quote
    simone42
    Flatchatter

      Is there a state law or regulation that EC’s need to follow re: spending limits.

      At a recent AGM the EC set the limit at $3,000 before an EGM should be called to approve spending above this amount.

      However, work has gone ahead for a $5000 quote for a project agreed as necessary at the AGM, but not yet quoted. I am now the worst person for pointing out that only the treasurer had approved the quote when EC should have – work has started and it is cold for people to come out to an EGM Frown 

      Also, is there a separate approval process e.g. at least 3 members of a 9 member EC for the amount in between $1000 – $2000, anything like that. What usually happens in this gap.

      The EC approved the secretary ( our strata managing agent ) can spend up to $1,000 as approved by the chairperson ( also the strata managing agent ).

      If you could point me to the clause I would appreciate it as I feel the EC as a whole is responsible and accountable for spending by our agent.

      Thanks

    • Creator
      Topic
    Reply To: EC spending limits
    PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.

    You can use BBCodes to format your content.
    Your account can't use all available BBCodes, they will be stripped before saving.

    Your information:




    › Forums › Strata Committees › Current Page