New South Wales Consolidated Acts
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STRATA SCHEMES MANAGEMENT ACT 2015 - SECT 102
Limits on spending by large strata schemes
(1) An owners corporation for a large strata scheme must obtain at least 2
quotations in relation to proposed expenditure in respect of any one item or
matter if the proposed expenditure will exceed the amount prescribed by the
regulations for the purposes of this section.
(2) An owners corporation for a
large strata scheme must not spend on an item or matter an amount greater than
the amount specified for the item or matter (plus 10%) in estimates provided
for that item or matter at an annual general meeting.
owners corporation may by a resolution passed at a general meeting remove the
limitation imposed by subsection (2) generally or in relation to any
particular item or matter.
(4) This section does not apply to expenditure for
emergency purposes, including (but not limited to) the following:
(a) burst or
blocked water or sewerage pipes,
(b) serious damage caused by fire or storm
or any other natural disaster,
(c) unexpected electrical or security system
(d) glass breakages that affect the security of any building in the
strata scheme or could result in damage to the inside of any such building.
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