(1) A body corporate must establish and regularly maintain a long-term maintenance plan.
(2) A long-term maintenance plan must cover a period of at least 10 years from the date of the plan or the last review of the plan.
(3) The purpose of a long-term maintenance plan is to—
(a) identify future maintenance requirements and estimate the costs involved; and
(b) support the establishment and management of the funds; and
(c) provide a basis for the levying of owners of principal units; and
(d) provide ongoing guidance to the body corporate to assist it in making its annual maintenance decisions.