New South Wales Consolidated Acts

COMMUNITY LAND MANAGEMENT ACT 2021 - SECT 77

77 Administrative fund

(1) Establishment of fund An association must establish an administrative fund.

(2) Amounts payable to fund An association must pay the following amounts into the administrative fund--

(a) the contributions levied on, and paid by, members for payment into the fund,

(b) the proceeds of the disposal of any personal property of the association,

(c) fees paid to the association for inspection of its records and the provision of information and certificates relating to its records,

(d) monetary penalties payable to the association under this Act,

(e) the proceeds of investment of the fund.

(3) An association may also pay the following amounts into the administrative fund--

(a) amounts paid to the association by way of discharge of insurance claims,

(b) income of the association, other than proceeds of investment of the capital works fund,

(c) amounts that may be, but are not required to be, paid into the fund under this Act.

(4) Amounts payable from fund An association may pay money from its administrative fund only for the following purposes--

(a) payments of the kind for which estimates have been made under section 83(1),

(b) payments made in accordance with this Division on a distribution of a surplus in the fund,

(c) payments to a member of the association committee in accordance with this Act,

(d) other payments in connection with exercising its functions under this Act or the by-laws, or the Community Land Development Act 2021 , except payments that are permitted to be made from the capital works fund,

(e) monetary penalties payable by the association under this Act,

(f) the transfer of money to the capital works fund or to pay expenditure that should have been paid from the capital works fund.