Queensland Consolidated Acts

INTEGRATED RESORT DEVELOPMENT ACT 1987 - SECT 163

163 Statutory restrictions on powers of executive committee

(1) Unless—

(a) otherwise determined pursuant to a special resolution of the principal body corporate; or

(b) authorised by the Minister in an emergency; or

(c) consented to by such persons entitled to vote at a general meeting of the principal body corporate who represent an aggregate lot entitlement of not less than 75% of the aggregate of all lot entitlements recorded in the principal body corporate roll;

the executive committee shall not undertake expenditure.

(2) In respect of any proposed expenditure which, under subsection (1) , the executive committee is not entitled to undertake the executive committee shall—

(a) submit the proposal for determination at an extraordinary general meeting of the principal body corporate convened for the purpose of, or for purposes which include, consideration of the proposal; and

(b) if the proposed expenditure is in respect of work to be performed or the purchase of personal property—submit at least 2 tenders to that meeting with the proposal.

(3) Subsection (1) does not apply to the expenditure of moneys—

(a) in payment of any premium of insurance effected by or on behalf of the principal body corporate; or

(b) to comply with a notice or order served on the principal body corporate by any public authority or local government; or

(c) in discharge of any liability incurred in respect of an obligation of the principal body corporate authorised by the principal body corporate in general meeting.