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I own an older unit in a 12 unit complex in Sydney NSW. At our recent AGM, July 2022, our current 10 year capital works plan had ceased and was due for renewal. The strata manager professional who was running the meeting advised that as our complex was less than 99 units, there was no legal compulsion for a new 10 Year Capital Works Plan. Based on this advice the attendees agreed to not proceed with another 10 year Plan.
I wasn’t entirely comfortable with this outcome so have since done my own investigation with detailed reading of The Strata Development Act 2015 and Regulation 2016. I cannot find anything there to support the Strata Managers opinion. In fact I could only find such an exception only exists for Strata developments of 2 allotments and only if both owners agree.
I have 2 questions:
Is the Strata Managers advice correct? Should I be reading some other document?
If the Strata Managers advice is incorrect this means our Owners Corporation (of which I am now a member) is in breach of the Act by not having a current 10 year Capital Works Plan. What are the ramifications of this for the OC and it’s committee?Kind regards for your response.
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