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Important Changes To Large Strata Schemes
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Essential changes to laws for large strata scheme started on 7 February 2005 with the beginning of the Strata Schemes Management Amendment Act 2004. The changes were introduced mostly to replicate the growing complexity involved in managing strata buildings in recent years as medium and high density living becomes such a major part of urban life.
In this Act, large strata scheme defined as schemes which Consists of 100 lots or more than that excluding utility lots and lots used for parking area. One of the most major changes to the legislation is the prelude of special rules for the process of Large Strata Schemes. It became obvious that there was a need for a method to be put in place where larger schemes which may have annual budgets of several million dollars.
Large strata scheme is treated differently than other schemes such as a utility lot designed only for storage or accommodation of boats, motor vehicles or goods and not for human occupation such as residence, office or shop. When preparing estimate annual budget for a large strata scheme, Owner Corporation must specify amount of purposed expenditure on individual item until the next annual general meeting.
Executive committee of such large strata scheme cannot spend more than specified amount plus 10% approved by the owner corporation except emergencies. If the proposed expenditure is exceeding than amount prescribed by the regulation at least two quotations must be obtained for certain items. Owner Corporation requires its account and financial statements audited before presentation of annual general meeting.
There are some regulation to be made for certain matters on the administrators of these large strata schemes such as procedure for meeting, delegation of functions, management funds and provision of legal services. Meetings and procedure of Owners Corporation has various amendments such as a proxy for meetings of an Owners Corporation of a Large Strata Scheme is to be given to the secretary at least 24 hours before the first meeting to which it relates.
Constitution of Executive Committees of the Owners Corporation and meetings of Executive Committees - there is a new clause for Large Strata Schemes notice of an Executive Committee meeting must be given to each owner and Executive Committee member and in addition if the by-laws state that a notice board is required to be maintained then the notice must be displayed on it. For other strata schemes notice must be displayed on the notice board or in the alternative given to each owner and Executive Committee member is a notice board is not required to be maintained.
In Large strata scheme the minutes and resolutions arising from an Executive Committee meeting must be given to each owner and the Executive Committee member and in addition be displayed on a notice board where a notice board is required to be maintained. For other strata schemes the minutes and resolutions must be displayed on the notice board or in the alternative given to each owner and Executive Committee member if a notice board is not required to be maintained.
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