Elsewhere in this post
There were a few interesting tweaks to NSW strata earlier this year and one of them was a radical reform of the conflict of interest rules.
Previously committee members who had a financial interest in a matter being discussed merely had to tell the rest of the committee and everything would be hunky-dory.
Now, if you have a “pecuniary” interest, you have to tell the committee or face a fine of up to $1100.
That admission has to be recorded in a book specifically for that purpose and then you have to leave the committee during the relevant discussion and any subsequent vote.
Now, given that we all have a financial interest in the property we own and virtually any decision made at a strata committee could affect that, what exactly is a “pecuniary” interest?
Most of the dictionary definitions say it relates to actual money, rather than, say, value that can’t be measured financially like peace of mind or stress.
One good example would be if you are running an Airbnb in your flat and an issue about short-term lets came up. That would be a pecuniary interest, for sure.
But there’s a whole other question of how you raise the issue at committee without offending your fellow committee members by appearing to accuse them of dodgy dealings when they don’t fess up to financial gains related to a topic on the agenda. We think we have an answer HERE.
Elsewhere on the Forum
- Are official Fair Trading penalty notices just window dressing? That’s HERE.
- As a committee member, can I be paid in advance for the work I do on the swimming pool? That’s HERE.
- How do we convert stratum parking spaces to strata in Vic? That’s HERE.
UPDATES:
- Can the committee tell me when I can and can’t physically move out? That’s HERE.
- Software captures and time stamps disturbance from noisy neighbours. That’s HERE.
- Caustic committee comments in agenda undermining my AGM motions. That’s HERE.
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Tagged: agenda, airbnb, caustic, comments, committee, conflict, financial, forum, noise, penalties, software
There were a few interesting tweaks to NSW strata earlier this year and one of them was a radical reform of the conflict of interest rules. Previously
[See the full post at: Forum: How to avoid conflicts over interests]
The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
› Flat Chat Strata Forum › Current Page
› Flat Chat Strata Forum › Current Page