116 Long-term maintenance plan

(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.