#64632
Jimmy-T
Keymaster

    Even better, borrow the money from the maintenance fund and agree to pay it back over a couple of years.  That way nobody is getting hit with a large increase in the one go.

    This is perfectly legal under section 76, provided the OC determines how it’s going to pay the money back, within three months.

    To be clear, you just have to decide within three months  how you are going to pay it back.  You don’t have to pay it back within three months.

    This is what Section 76 says:

    The owners corporation must, not later than 3 months after the transfer or use, determine the amount to be levied as a contribution to the fund from which the transfer or use was made to reimburse the amounts paid from the fund.

    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.