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I subscribed to flatchat.com.au for advice.
Could you please help me. I belong to a 2 lot scheme in NSW. I’m finding it difficult to find articles on 2 lot schemes in NSW. They are not many and most of articles on 2 lot schemes are from Queensland, Western Australia or South Australia. The NSW sites mention only multi schemes or all schemes and no mention of the 2 lot schemes as I heard that there are exemptions being only 2 lots in strata.
There was one article I found by the Legal Services Commission in South Australia which gives more details for 2 lot scheme. Just wondering if some of them are applicable to NSW as well.
The website is https://www.lsc.sa.gov.au/ They are called The Legal Services Commission is jointly funded by both the South Australian and the Commonwealth Governments. It was established in 1977 to increase access to legal services for those people who cannot afford to pay for private legal representation.
LEGAL HELP LINE 1300 366 424
Postal Address:
GPO Box 1718,
Adelaide SA 5001 DX 104
Telephone (08) 8111 5555
I downloaded the article. In page 32 it mentions that with 2 lot schemes, there are exemptions to prepare statement of accounts.
“The by-laws of a scheme consisting of two lots may exempt the corporation from the requirements to :
- hold annual general meetings (except the first general meeting) • prepare accounting records of the corporation’s receipts and expenditure and to prepare an annual statement of accounts • have the annual statement of accounts audited • establish administrative and sinking funds, and • maintain a register of the names of the owners of the community lots.
The by-laws of a three lot scheme may only exempt the corporation from the requirement to maintain a register of names of the owners of the community lots.”
I’m attaching copies of their articles published.
Would you be kind enough to inquire around if this rules also apply to NSW?
Thanks
Regards
edna
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