Queensland Consolidated Acts

INTEGRATED RESORT DEVELOPMENT ACT 1987 - SECT 151

151 Duties of principal body corporate

(1) The principal body corporate shall—

(a) control, manage and administer the secondary thoroughfare for the benefit of its members; and

(b) properly maintain and keep in a state of good and serviceable repair—

(i) the secondary thoroughfare, including any improvements thereon; and

(ii) any personal property vested in it; and

(c) effect insurance in accordance with section 155 ; and

(d) cause proper records to be kept of notices given to the principal body corporate under this or any other Act and of any orders made by a court and served on the principal body corporate; and

(e) keep—

(i) for at least 10 years after their creation or receipt by or for the principal body corporate—

(A) minutes of its meetings, including particulars of motions passed at the meetings; and

(B) proper books of account for amounts received or paid by the principal body corporate showing the items for which the amounts were received or paid; and

(ii) for at least 2 years after their creation or receipt by or for the principal body corporate—voting tally sheets or other records showing votes for motions and election ballots related to its meetings; and

(f) cause to be prepared, from the books mentioned in paragraph (e) , a proper statement of accounts of the principal body corporate in relation to each period—

(i) starting on the date of its incorporation or the day immediately after the date up to which the last statement was prepared; and

(ii) ending on the last day of the month that is 3 months before the start of the month in which the anniversary of the first annual general meeting happens; and

(g) cause an annual general meeting of the principal body corporate to be held each year on or after the anniversary of the first annual general meeting but not later than 2 months after the anniversary; and

(h) not later than 14 days after its incorporation and from time to time thereafter, determine the amounts necessary in its opinion to be raised by way of contributions for the purpose of meeting its actual or expected liabilities incurred or to be incurred under paragraph (b) or for the payment of insurance premiums, rates or any other liability of the principal body corporate, other than amounts referred to in paragraph (l) ; and

(i) upon first determining the amounts referred to in paragraph (h) , establish a fund into which shall be paid all amounts received by it, including the proceeds of the sale or other disposal of any personal property of the principal body corporate and any fees received by it under section 154 and into which may be paid any amounts paid to the principal body corporate by way of discharge of insurance claims; and

(j) from time to time, levy, in accordance with section 145 , on each person liable therefor a contribution to raise the amounts referred to in paragraph (h) ; and

(k) pay any moneys referred to in paragraph (i) that are received by it and are not otherwise invested in accordance with section 148 (a) into an account established in a financial institution in the name of the principal body corporate; and

(l) if the principal body corporate—

(i) becomes liable to pay any moneys that it is unable to pay forthwith; and

(ii) is not required, under paragraph (j) , to levy contributions to meet the liability;

levy, in accordance with section 145 , contributions to raise those moneys; and

(m) implement the decisions of the principal body corporate.

(2) The principal body corporate from time to time may in respect of contributions determined in accordance with subsection (1) (h) or contributions referred to in subsection (1) (l) determine by special resolution, for the purposes of section 145 , an amount being not greater than 10% of those contributions.

(3) The principal body corporate shall not disburse any moneys from its fund, otherwise than for the purpose of carrying out its powers, authorities, duties and functions under this Act, the development control by-laws or secondary thoroughfare by-laws or meeting any liability referred to in subsection (1) (l) .

(4) A determination made by the principal body corporate under subsection (1) (h) may specify that the amounts to be raised shall be raised by such regular periodic contributions as may be specified in the determination.