Strata Manager’s authority to enter into a loan on behalf of OC

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  • 10/07/2015 at 1:27 pm #10082 Reply | Quote
    Macquarie

      Hi,

      As part of the agency agreement with our Strata Manager, they have the authority to organise the insurance premium quotes and organise payment of the premium to ensure that we are ensured.  But if we didn’t budget correctly and can not pay for the insurance premium, can the Strata Manager enter into a premium funding loan arrangement on the owners corporation behalf? 

      I would have thought that only the Owner’s corporation (ie members of the executive committee) enter into such arrangement as we are the insured and the Strata Manager can’t execute a loan agreement – unless we have given them the authority at an AGM. 

      Just a bit worried about what our strata manager is doing and not sure how to find out what the implications are.

      Thanks.

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    Reply To: Reply #23825 in Strata Manager’s authority to enter into a loan on behalf of OC
    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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