Australian Capital Territory Numbered Acts

UNIT TITLES (MANAGEMENT) ACT 2011 (NO. 41 OF 2011) - SECT 84

    (1)     The owners corporation for a units plan must approve a sinking fund plan not later than—

        (a)     if the corporation is established after the commencement of this division—12 months after the day of the corporation's 1st annual general meeting; or

        (b)     in any other case—12 months after the day this division commences.

Note     A sinking fund plan of an existing owners corporation that was current immediately before the commencement of this division is taken to be a sinking fund plan under this Act (see s 157 (2)). The day the existing sinking fund plan is approved for this Act is the day the existing sinking fund plan was approved by the owners corporation for the Unit Titles Act 2001 (see s 157 (3) and (4)).

    (2)     If the owners corporation has approved a sinking fund plan under this Act, the corporation must approve a new sinking fund plan not later than 12 months before the end of the 10-year period to which the existing plan relates.