strata schemes management act 2015 ... strata schemes management act 2015 no 50 [nsw] contents page

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  • This version of the legislation is compiled and maintained in a database of legislation by the Parliamentary Counsel’s Office and published on the NSW legislation website.

    Strata Schemes Management Act 2015 No 50

    Status information Currency of version Current version for 5 November 2015 to date (generated 22 April 2016 at 14:04). Legislation on the NSW legislation website is usually updated within 3 working days.

    Provisions in force None of the provisions displayed in this version of the legislation have commenced. See Historical Notes.

    Note: Amending provisions are subject to automatic repeal pursuant to sec 30C of the Interpretation Act 1987 No 15 once the amendments have taken effect.

  • Contents

    Page

    New South Wales

    Strata Schemes Management Act 2015 No 50

    Part 1 Preliminary 1 Name of Act 2 2 Commencement 2 3 Objects of Act 2 4 Definitions 2 5 Resolutions of owners corporations 5 6 Meaning of “large strata scheme” 6 7 Connected persons 6

    Part 2 Managing body for strata schemes—owners corporation Division 1 Constitution of owners corporation

    8 Constitution of owners corporation 7

    Division 2 Management of strata schemes 9 Owners corporation responsible for management of strata scheme 7

    10 Functions of owners corporation generally 7 11 Other management bodies and persons who assist the owners

    corporation 7 12 Owners corporation may employ persons to assist in exercise of

    functions 8

    Current version valid from 5.11.2015 to date (generated on 22.4.2016 at 14:04)

  • Strata Schemes Management Act 2015 No 50 [NSW] Contents

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    13 Functions that may only be delegated to member of strata committee or strata managing agent 8

    Division 3 Meetings of owners corporation 14 First AGM must be held within 2 months after initial period 8 15 Agenda for first AGM 9 16 Documents and records to be provided to owners corporation at first

    AGM 9 17 Tribunal may order initial documents to be provided 10 18 AGM must be held 10 19 Other general meetings 10 20 Tribunal may appoint person to hold first AGM and other meetings 10 21 Unanimous or special resolutions to be amended or revoked in same

    way 10 22 Notice to be given to owners corporation of right to cast vote at

    meeting 11 23 Meeting procedures and voting 12 24 Order invalidating resolution of owners corporation 12 25 Order where voting rights denied or due notice of item of business

    not given 12

    Division 4 Limitation on functions during initial period 26 Restrictions on powers of owners corporation during initial period 13 27 Order to authorise certain acts during initial period 13

    Division 5 Effect of termination order on owners corporation 28 Termination of strata scheme 14

    Part 3 Strata committee of owners corporation Division 1 Constitution of strata committee 29 Owners corporation to appoint strata committee 15 30 Members of strata committee 15 31 Persons who are eligible to be appointed or elected to strata

    committee 15 32 Persons who are not eligible to be appointed or elected to strata

    committee 16 33 Tenant representatives 16 34 Acting members of strata committee 17 35 Vacation of office of elected member of strata committee 17

    Division 2 Functions of strata committee 36 Functions of strata committee 18 37 Duty of members of strata committee 18 38 Acts and proceedings of strata committee valid despite vacancies or

    defects 18

    Division 3 Meetings of strata committee 39 Convening meetings 19 40 Meeting procedures and voting 19

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    Current version valid from 5.11.2015 to date (generated on 22.4.2016 at 14:04)

  • Strata Schemes Management Act 2015 No 50 [NSW] Contents

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    Division 4 Office holders 41 Strata committee to appoint officers 19 42 Functions of chairperson of owners corporation 19 43 Functions of secretary of owners corporation 19 44 Functions of treasurer of owners corporation 20 45 Vacation of office by officer 20 46 Payment of officers of owners corporation 21 47 Original owner to exercise officers’ functions before appointment of

    officers 21 48 Tribunal may order meeting if no officers or strata committee 21

    Part 4 Strata managing agents and building managers Division 1 Appointment of strata managing agents 49 Appointment of strata managing agents 22 50 Term of appointment of strata managing agents 22 51 Transfer of functions of strata managing agent 23

    Division 2 Functions of strata managing agent 52 Owners corporation may delegate functions to strata managing agent 23 53 Exercise of delegated functions by strata managing agent 23 54 Functions of officers and strata committee may be given to strata

    managing agent 24 55 Strata managing agent to record exercise of functions 24 56 Exercise of functions of strata managing agent appointed by Tribunal 24 57 Breaches by strata managing agent 24

    Division 3 Accountability of strata managing agent 58 Strata managing agent may be required to provide information about

    trust account and other accounts 25 59 Provision of information about money received and other transactions 26 60 Disclosure of commissions and training services 26 61 Procedure for requiring information from strata managing agent 26 62 Offences 27 63 Responsibility for providing information if a strata managing agent

    ceases to hold a licence or dies 27 64 Exemption for information relating to certain transactions 27 65 Provision of other Act requiring agents to provide information not to

    apply to affairs of owners corporation 27

    Division 4 Building managers 66 Building managers 27 67 Appointment of building managers 28 68 Term of appointment of building managers 28 69 Transfer of functions of building manager 28 70 Functions of building manager 28

    Division 5 General 71 Interests must be disclosed by potential strata managing agents or

    building managers 29

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    72 Strata managing agent and building manager agreements may be terminated or varied by Tribunal 29

    Part 5 Financial management Division 1 Funds and accounts of owners corporation 73 Administrative fund 30 74 Capital works fund 30 75 Investment of money in administrative fund or capital works fund 31 76 Use of administrative fund or capital works fund for purposes of other

    fund 31 77 Distribution of surplus money in administrative fund or capital works

    fund 32 78 Accounts of owners corporation 32

    Division 2 Contributions by owners 79 Estimates to be prepared of contributions to administrative and capital

    works funds 32 80 Owners corporation to prepare 10-year capital works fund plan 33 81 Owners corporation to set contributions to administrative and capital

    works funds 34 82 Individual contributions may be larger if greater insurance costs 34 83 Levying of contributions 34 84 Liability of persons other than owners for contributions 35 85 Interest, discounts on contributions and payment plans 35 86 Recovery of unpaid contributions and interest 35 87 Orders varying contributions or payment methods 36 88 Effect of order varying contributions where payments have been made 36 89 Order requiring original owner to pay compensation for inadequate

    estimates and levies 36 90 Contributions for legal costs awarded in proceedings between owners

    and owners corporation 37 91 Information about contributions payable for retirement village 37

    Division 3 Financial statements and accounting records of owners corporation

    92 Owners corporation must prepare financial statements and statements of key financial information 37

    93 Requirements for financial statements 37 94 Statement of key financial information 38 95 Auditing of accounts and financial statements 39

    Division 4 Accounting records 96 Accounting records must be kept by owners corporation 39 97 Receipts 39 98 Transaction records 39 99 Levy register 40

    Division 5 Financial functions generally 100 Power to borrow money 40 101 Persons who can exercise functions relating to the finances and

    accounts of the owners corporation 40

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  • Strata Schemes Management Act 2015 No 50 [NSW] Contents

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    102 Limits on spending by large strata schemes 41 103 Legal services to be approved by general meeting 41 104 Restrictions on payment of expenses incurred in Tribunal proceedings 42 105 Disclosure of matters relating to legal costs 42

    Part 6 Property management Division 1 Common property 106 Duty of owners corporation to maintain and repair property 43 107 Common property memorandum 43 108 Changes to common property 44 109 Cosmetic work by owners 44 110 Minor renovations by owners 45 111 Work by owners of lots affecting common property 46 112 Owners corporation may grant licence to use common property 46 113 Agreement for payment to owner of consideration on transfer or lease

    of common property 47 114 Functions subject to strata development contract 47 115 Initial maintenance schedule must be prepared 47

    Division 2 Dealings with property 116 Powers to deal with property 47

    Division 3 Work carried out by owners corporation 117 Provision of amenities and services to lot 48 118 Window safety devices—child safety 48 119 Work to rectify certain defects 48 120 Owners corporation may carry out work required to be carried out by

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