I want the allocation of the received money to go back in the same amounts as they were borrowed, but the strata manager is making claims that this goes against regulation.
This (below) is the relevant section of that Act. It’s a very loose piece of legislation so I would be interested to hear your SM explain how a decision to refund the money in the amounts it was drawn goes against the regs.
76 Use of administrative fund or capital works fund for purposes of other fund
(1) This section applies if the owners corporation of a strata scheme comprising more than 2 lots—
(a) transfers money from the administrative fund or capital works fund to the other fund, or
(b) pays money from the administrative fund or capital works fund for expenditure that should have been paid from the other fund.
(2) The owners corporation must, within 3 months of the transfer or payment, determine, by resolution at a general meeting—
(a) whether the money, or part of the money, should be reimbursed to the fund from which it was transferred or paid, and
(b) if the owners corporation determines that part or all of the money should be reimbursed—the amount to be—
(i) transferred from the administrative fund or capital works fund to the fund from which the transfer or payment was made, or
(ii) levied as a contribution to the fund from which the transfer or payment was made.
(3) Section 81(3) and (5) apply to a contribution determined under subsection (2)(b)(ii).