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Thank you Peter C.
Just a couple of asides to start with Peter:
- Our OC is very large.
- We do not count proxy votes or absentee votes when determining a standard quorum but even if we had, we would have never reached that milestone.
I am told that too much carry over of funds from one year to the next has the potential to distort s119 certificates and that it can also cause problems with adjustments made at settlement between sellers and buyers.
I am also elsewhere advised that the proposition that I posed is not permitted because contributions so determined must be paid within the same financial year. And further that contributions to the general funds must be based on an approved budget for that financial year.
Many owners from other complexes and with different managing agents seem to deal with the problem ‘their own way’. And their way appears to also be a function of the accounting software being used. It seems high time for an amendment to the legislation?
Thanks again Peter C.