Australian Capital Territory Current Acts

UNIT TITLES (MANAGEMENT) ACT 2011 - SECT 68

    (1)     An owners corporation for a units plan must—

        (a)     open and maintain an account with 1 or more authorised deposit-taking institutions; and

        (b)     pay all amounts it receives into the account; and

        (c)     pay all amounts it spends out of the account.

Note 1     An authorised deposit-taking institution is an institution (eg a bank, credit union or building society) that is authorised under the Banking Act 1959

(Cwlth), s 9 (3) (see Legislation Act

, dict, pt 1).

Note 2     An owners corporation may open and maintain more than 1 account. Words in the singular number include the plural (see Legislation Act

, s 145 (b)).

    (2)     An owners corporation for a units plan with only 2 or 3 units may, by unopposed resolution, exempt itself from subsection (1).