@JimmyT said:
This posting (below, from kiwipaul) is wrong in two very significant ways. In NSW you do not require a vote of ALL owners except for a very, very few decisions – such as dissolving a strata plan or repaying overpaid levies – and this isn’t one of them.
A vote by all owners is very common (every AGM). I never said it requires a unanimous vote, just a vote put to ALL owners that the treasurer be allowed to invest the money however he sees fit and a simple majority of votes cast would be adequate IMHO.
OP doesn’t say how long this has been going on for but if it’s for more than 1 year fully and frank disclosure should have been made at last AGM and if not they are surely in breach of the act.
I think I’d sooner loose my vote than any more money. Unless I received satisfactory ans to various question I would ask for an immediate audit from an independent auditor (NOT one recommended by this Strata Manager) and if this was refused lodge an action at CTTT.
I’m incredulous that in NSW strata funds can be used by the Strata Manager with no requirement for him to explain his action to owners. For all you know this investment could be a punt on the gee gee’s.