New South Wales Repealed Regulations

This legislation has been repealed.

STRATA SCHEMES MANAGEMENT REGULATION 2010 - SCHEDULE 9

SCHEDULE 9 – Savings and transitional provisions

1 Savings and transitional provisions consequent on enactment of Strata Schemes Management Act 1996

(1) This clause applies to an owners corporation in existence at 1 July 1997.

(2) The seal of an owners corporation immediately before 1 July 1997 may continue to be used as its seal for the purposes of the Strata Schemes Management Act 1996 or for any other purpose, unless replaced by the owners corporation.

2 Cash record

(1) Clause 7 takes effect from the end of the prescribed period that is current under the Strata Schemes Management Regulation 2005 (the
"repealed Regulation" ) immediately before the commencement of this Regulation.

(2) The requirements of clause 7 of the repealed Regulation continue to apply in respect of the prescribed period referred to in subclause (1), despite the repeal of that Regulation.

3 Priority votes

The increase in the amount prescribed for the purposes of the definition of priority vote in clause 7 (1) of Schedule 2 to the Act (from $200 to $1,000) does not apply in respect of a vote at a general meeting if:

(a) notice of the meeting was given before the commencement of this Regulation, and

(b) the notice indicated that the prescribed amount, for the purposes of a priority vote within the meaning of clause 7 (1) of Schedule 2 to the Act, is $200 multiplied by the number of lots in the strata scheme concerned.

Clause 7 (1) of Schedule 2 to the Act defines priority vote as follows:

"priority vote" , in relation to a lot, means a vote on a motion that relates to insurance, budgeting or fixing of a levy, that will require expenditure above the prescribed amount by the owners corporation or on any matter that requires a special or unanimous resolution by:

(a) the mortgagee of the lot under a mortgage shown on the strata roll as having priority over any other mortgage, and over any covenant charge, shown on the strata roll in relation to the lot, or

(b) the covenant chargee of the lot under a covenant charge shown on the strata roll as having priority over any mortgage shown on the roll in relation to the lot, or

(c) the covenant chargee of the lot under a covenant charge shown on the strata roll without any mortgage being shown on the roll in relation to the lot.

4 Savings and transitional provisions consequent on the making of this Regulation

Any act, matter or thing that, immediately before the repeal of the Strata Schemes Management Regulation 2005 , had effect under that Regulation is taken to have effect under this Regulation.