Australian Capital Territory Numbered Acts

UNIT TITLES AMENDMENT ACT 2008 (NO 2) (NO. 45 OF 2008) - SECT 21

substitute

62     Sinking funds—owners corporation to prepare initial 10-year plan

    (1)     This section applies to an owners corporation if the corporation—

        (a)     is required to establish and maintain a sinking fund; and

        (b)     has not had its 2nd annual general meeting.

    (2)     The owners corporation must prepare a plan (the initial sinking fund plan ) of anticipated sinking fund expenditure for the 10 years starting on the day of the 1st annual general meeting of the corporation after the corporation is registered.

    (3)     The owners corporation must, by ordinary resolution, approve the initial sinking fund plan not later than the day of the 2nd annual general meeting of the corporation after the corporation is registered.

    (4)     This section applies to an owners corporation that had its 2nd annual general meeting before the commencement of this section as if the 1st and 2nd annual general meetings of the corporation after the commencement were the 1st and 2nd annual general meetings of the corporation.

    (5)     Subsection (4) is a law to which the Legislation Act section 88 (Repeal does not end effect of transitional laws etc) applies.

    (6)     Subsections (4) and (5) and this subsection expire 2 years after the day this section commences.

63     Sinking funds—review of initial sinking fund plan

An owners corporation with an initial sinking fund plan must review and, if necessary, amend the plan not later than 4 years after the plan is approved.

63A     Sinking funds—owners corporation to prepare subsequent 10-year plans

    (1)     This section applies if an owners corporation has, or has had, an initial sinking fund plan.

    (2)     The owners corporation must prepare a plan (the sinking fund plan ) of anticipated sinking fund expenditure every 10 years (the 10-year period ) following the period mentioned in section 62 (2).

    (3)     The owners corporation must, by ordinary resolution, approve the sinking fund plan not later than the 1st annual general meeting after the start of each 10-year period.

63B     Sinking funds—review of sinking fund plan

An owners corporation with a sinking fund plan must review and, if necessary, amend the plan not later than 5 years after the plan is approved.