Queensland Consolidated Acts

BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 150

150 Financial management arrangements

(1) Subject to section 151 , the financial management arrangements applying to a community titles scheme are those stated in the regulation module applying to the scheme.

(2) Without limiting subsection (1) , the regulation module applying to a community titles scheme may provide for financial arrangements about the following—

(a) the budget of the body corporate;

(b) levying lot owners for contributions, including contributions of an interim nature for the period from the end of a financial year to 30 days after the annual general meeting for the next financial year;

(c) discounts and penalties relating to the payment of contributions;

(d) recovery of unpaid contributions;

(e) funds to be kept by the body corporate;

(f) powers and restrictions relating to borrowing;

(g) application of amounts in funds;

(h) spending limitations applying to the body corporate, and spending limitations applying to the committee for the body corporate;

(i) keeping accounts and preparing statements of accounts;

(j) auditing of statements of accounts by an auditor.

(3) To avoid doubt, it is declared that the financial management arrangements contained in a regulation module applying to a community titles scheme may impose obligations and limitations on both the body corporate (including the committee for the body corporate) and lot owners.