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@Whale said:
3) Then the Committee has to report back to all owners at yet another General Meeting where for anything to proceed further at least 75% of owners would have to be in agreement with everything in #2 (above)
A small correction. I think at this stage under section 174 of the Act, the “returning officer” for the Owners Corp has to collect Notices of Approval from individual owners (not necessarily at a General Meeting – although that would be convenient). This is particularly interesting because it is one vote per lot, not unit entitlement, and failure to get 75 percent of owners on board would kill the idea.
There is a difference between the building being redeveloped (i.e. residents will be able to move back in to new flats, if they choose) and renewal, which means everybody moves out and the building is demolished. The proposal to redevelop would probably include compensation for accommodation while disruptive works were being carried out.
And the owners are free to approach anyone they like with an alternative to the RSL’s plan – which is probably why they want to get it done now, rather than wait for the law to change.
As Whale said, there is no need to worry – there are plenty of obstacles for prospective developers to negotiate before you even have to decide whether you want to do this or not.