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If It’s Not Budgeted For, Can The Committee
Spend On It?
Article contributed by Jason Carlson, Partner – Grace Lawyers
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It’s a concern that is often raised. The committee is considering spending money. The fiscal-conservative on the committee, or the lot owner who disagrees with what it is being spent on, seizes the opportunity to point out that there is no line item for the expenditure in the budgets adopted at the last AGM.
They will probably point out that the BCCM regulation module states: “If a liability arises for which no, or inadequate provision, is made in the budget, a special contribution must be raised.”
The raising of a special contribution (special levy) can only be approved in a general meeting. So does the committee have to call an EGM before it can spend the money? Not always. In fact, very rarely. Read on for an explanation of why.
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Strata Community Education Seminars
Brisbane Next Week!
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Next up Brisbane! Join us either in person or online, as we show a live demonstration of the latest electronic voting technology presented by StrataVote, in an online meeting demonstration, designed to be interactive, as we delve into real world motions ranging from strata regulations that apply to online meetings through to pets, parking, maintenance and finance in the age of Covid, all explained by our panel of expert strata lawyers in down to earth language. Click here to register now!
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Body Corporate vs Body Corporate Manager - Roles and Responsibilities
Article contributed by the Strata Community Association (QLD) |
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Electronic Meetings and Voting in the Age of COVID
Article contributed by Matt Larwood, General Manager - Stratavote
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At Smart Strata our purpose is to provide you with the latest strata news and events, a comprehensive industry supplier portal and the best educational tools on the market to be the most informative resource in the Body Corporate industry.
Contact us today |
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