EC spending limits

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  • 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

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    Reply To: Reply #15772 in EC spending limits
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