When I am more alert I will read your post again, but one thing sticks out: you wrote:
Can anyone advise if they consider the termination was done correctly per the Act
I recall asking Fair Trading a related question (in regional NSW) and was told that a strata mgt agreement b/w the owners and the manager is a contract and the terms stated in the contact (regarding everything eg termination, insurance commission etc) are “iron clad” if agreed to by the owners (or their representative) and the manager. Should either the owners or manager wish to modify one or more of the terms or extinguish them altogether, this can be done but ONLY by mutual agreement. The contract not the Strata Management Act is the basis for any change.
In short, read your agreement carefully, cover to cover. Especially the listing on fees, to know if what’s taken place breaches the contract or is in accordance with the contract, but not fair (in your or another person’s estimation).