Iain – I stated before that whoever it is that commissions the works pays for them, and that stands but with the rider originally mentioned by Jimmy to the effect that if the existing balcony railings are “safe” and some individual Owners for whatever other reason want those replaced, then as with some others who prefer to enclose their balconies, those Owners must obtain the consent of the Owners Corporation (O/C) under Sect 65A, and then pay for and maintain their works under the provisions of a Special by-Law.
Similarly, if a motion is put and is specially resolved (i.e. ≥75% majority) for the O/C to commission the works, then it (collectively) pays for them, depending upon available funds, from its Sinking Fund and/or by a Special Levy – both funded by all Owners in accordance with their Lots’ U.O.E.
I think those provisions are pretty clear, but I’m a little confused by your statement (post #4) about a “different outcome” being already specially resolved at a General Meeting; in which case that decision did in fact “force” that outcome and in so doing brought the current debate to an end – unless of course its been since overturned by a opposing special resolution or by a decision of the NSW Civil & Administrative Tribunal (NCAT).
Lastly, neither your O/C nor its individual Owners can contract out of the Law that in this instance comprises all provisions of the NSW Strata Schemes Management Act (1996) SCMA, so any Deed of Agreement that purports to do that would have no standing.