(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—
identify future maintenance requirements and estimate the costs involved; and
support the establishment and management of the funds; and
provide a basis for the levying of owners of principal units; and
provide ongoing guidance to the body corporate to assist it in making its annual maintenance decisions.