117 Long-term maintenance fund

(1)

A body corporate must establish and maintain a long-term maintenance fund unless the body corporate, by special resolution, decides not to establish a long-term maintenance fund.

(2)

The fund may only be applied towards spending relating to the long-term maintenance plan.

(3)

The body corporate must, by special resolution, approve any amount to be spent on any 1 maintenance item if the amount exceeds the amount specified for that item in the long-term maintenance plan by more than 10%.