Queensland Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 150

Financial management arrangements

150 Financial management arrangements

(1) Subject to section 151 , the financial management arrangements applying to a community titles scheme are those stated in the regulation module applying to the scheme.
(2) Without limiting subsection (1) , the regulation module applying to a community titles scheme may provide for financial arrangements about the following—
(a) the budget of the body corporate;
(b) levying lot owners for contributions, including contributions of an interim nature for the period from the end of a financial year to 30 days after the annual general meeting for the next financial year;
(c) discounts and penalties relating to the payment of contributions;
(d) recovery of unpaid contributions;
(e) funds to be kept by the body corporate;
(f) powers and restrictions relating to borrowing;
(g) application of amounts in funds;
(h) spending limitations applying to the body corporate, and spending limitations applying to the committee for the body corporate;
(i) keeping accounts and preparing statements of accounts;
(j) auditing of statements of accounts by an auditor.
(3) To avoid doubt, it is declared that the financial management arrangements contained in a regulation module applying to a community titles scheme may impose obligations and limitations on both the body corporate (including the committee for the body corporate) and lot owners.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback