Dudley – I agree that your chance of success would be marginal, but with regard to where the Owners Corporation’s funds may be deposited, Sect 74(1) of the NSW Strata Schemes Management Act (1996) states that “an owners corporation must pay any amounts that are received by it and are not otherwise invested in accordance with this Act into an account established in a financial institution in the name of the owners corporation.”
So it’s entirely up to your Owners Corporation, although there is a list of “deposit taking institutions” that are from time-to-time approved by the NSW Office of Fair Trading as being suitable for holding trust account funds, and that may provide you with a justifiable short list (HERE).