New South Wales Consolidated Acts

COMMUNITY LAND MANAGEMENT ACT 2021 - SECT 83

83 Estimates to be prepared of contributions to administrative and capital works funds

(1) An association must, not later than 1 month after the constitution of the association and at each annual general meeting after that, estimate how much money it will need to credit to its administrative fund for actual and expected expenditure--

(a) to maintain in good condition on a day-to-day basis the association property and any personal property vested in the association, and

(b) to provide for insurance premiums, and

(c) if the association is a subsidiary body--to pay contributions levied on it by the community association or precinct association, or both, and

(d) to meet other recurrent expenses.

(2) An association must, not later than 1 month after the constitution of the association and at each annual general meeting after that, estimate how much money it will need to credit to its capital works fund for actual and expected expenditure--

(a) for painting or repainting any part of the association property that is a building or other structure, and

(b) to acquire personal property, and

(c) to renew or replace personal property, and

(d) to renew or replace fixtures and fittings that are part of the association property, and

(e) to replace or repair the association property, and

(f) to meet other expenses of a capital nature.

(3) When estimating amounts needed to be credited to the administrative fund or the capital works fund, the association must have before it, and take into account, a statement of the existing financial situation of the scheme and an estimate of receipts and payments.

(4) An estimate prepared before the first annual general meeting of an association is to take into account the initial maintenance schedule provided by the original owner for that meeting.