New South Wales Consolidated Acts

COMMUNITY LAND MANAGEMENT ACT 2021 - SECT 78

78 Capital works fund

(1) Establishment of fund An association must establish a capital works fund.

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

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

(b) amounts paid to the association by way of discharge of insurance claims, unless paid into the administrative fund,

(c) an amount received by the association that is not required or permitted to be paid into the administrative fund,

(d) the proceeds of investment of the fund.

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

(a) any income of the association,

(b) any amount that may be, but is not required to be, paid into the fund under this Act.

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

(a) payments of the kind for which estimates have been made under section 83(2),

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

(c) the transfer of money to the administrative fund or to pay expenditure that should have been paid from the administrative fund.