Out of Funds

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  • This topic has 3 replies, 2 voices, and was last updated 10 years ago by .
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  • 05/09/2016 at 2:16 pm #10620 Reply | Quote
    Aitch
    Flatchatter

      This is an ACT question.

      The Administrative Fund of an owners corporation nears exhaustion towards the end of its financial year essentially because of the accumulation of small budget overruns. Accounts have to be paid.

      There is also a need for funds to operate early in a financial year and orders to be placed.

      The AGM is some weeks away. However any decisions taken there will have to traverse the reduced quorum provisions of the Act.

      Therefore there is a cash flow issue early in the financial year. To obviate this problem is it lawful for the executive committee, using s78(1) and s35(1) of the Unit Titles (Management) Act, to determine and seek a contribution from owners for the upcoming quarter (ie for the first quarter of the next financial year) in the last quarter of a financial year?

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    Reply To: Out of Funds
    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.

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