South Australian Current Acts

COMMUNITY TITLES ACT 1996 - SECT 113

113—Statement of expenditure etc

        (1)         A statement setting out the following information must be presented by a community corporation to each annual general meeting of the corporation—

            (aa)         proposed expenditure (other than recurrent expenditure) for the period prescribed by the regulations for the purposes of this paragraph (which must not exceed 5 years); and

            (a)         the estimated expenditure of a recurrent nature and the estimated expenditure of a non-recurrent nature to be made by the corporation in the current financial year; and

            (b)         the estimated expenditure in future years for which funds should be raised now and held in reserve; and

            (c)         the amount to be raised by way of contributions from the owners of community lots to cover the expenditure referred to in paragraphs (a) and (b).

        (1a)         New information must be prepared for the purposes of subsection (1)(aa) at the times prescribed by regulation.

        (2)         The developer must present a statement in accordance with subsection (1) to the first statutory general meeting of the community corporation.

        (3)         A statement presented to a meeting in accordance with this section forms part of the minutes of the meeting.

        (4)         The regulations may exclude a community corporation of a specified class from the operation of subsections (1)(aa) and (1a).