Unit Titles Act 2010

  • This version was replaced on 18 December 2018 to make corrections to section 169(5)(d) and (e) under section 25(1)(iv) of the Legislation Act 2012.

Subpart 13—Financial and property management

Long-term maintenance plans, funds, and ancillary matters

115 Operating account

(1)

A body corporate must establish and maintain an operating account for the purpose of meeting the expenses described in subsection (2).

(2)

The expenses are—

(a)

those relating to the management and governance of a unit title development:

(b)

those relating to provision of services and amenities for the benefit of the unit title development:

(c)

costs associated with statutory or regulatory compliance:

(d)

any ground rental or licence fees relating to the base land:

(e)

those incurred at least once a year relating to the maintenance of the unit title development.

(3)

The body corporate must establish a current account at a bank and may, by special resolution, nominate a person or persons who may operate the account and specify the manner in which it may be operated.