Keeping Books and Records of an Owners Corporation

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Information about Keeping Books and Records of an Owners Corporation

Published on March 5, 2014

Author: teyslawyers



strata act, strata mediation, body corporate fees, owners corporation fees, levy recovery, levy collection, strata title, building and construction law, strata negotiation, mediation strata, company title law, strata law, strata lawyers, building defects, by-laws, bylaws, litigation, strata, nsw strata law, victorian strata law, ACT strata law, company title

The Strata Manager’s Role in Keeping the Books & Records of the Owners Corporation © Copyright 2013 Teys Lawyers

A Strata Manager’s Statutory Obligation Keeps Books of Account Maintains Records Strata Manager © Copyright 2013 Teys Lawyers

At Completion of This Module You Will Be Able To 1. Recognise the importance of a strata roll © Copyright 2013 Teys Lawyers 2. Calculate how long certain records must be kept 3. Determine when accounts must be delivered 4. Provide the right information for inspection 5. Appreciate the evidentiary value of certificates for purchasers

The Strata Roll Who gets meeting notices  Under s.96 of SSMA each scheme must keep a strata roll The Strata Roll Determines Who is entitled to vote © Copyright 2013 Teys Lawyers  The strata roll may be Who must pay levies kept electronically s.92(2)

Information A Strata Roll Must Include Lot Property Common Property  The owners name  Strata scheme number and address  An Australian address for service  The original owner (developer) and strata manager  Information of change of ownership s.118  Units of entitlement  Information about leases s.119  Insurance details  By-laws © Copyright 2013 Teys Lawyers

Keeping Records  Certain records must be kept forever  Other records must be kept for no less than five years  Both types can be kept electronically s.100(2) © Copyright 2013 Teys Lawyers

Information You Should Keep Forever Notices served on the OC s.101 Court orders s.101 Compliance details s.101 Minutes of meetings s.102 © Copyright 2013 Teys Lawyers

Information You Must Keep for at Least Five Years Minutes of meetings other than general meetings / meetings which grant approvals Financial statements Correspondence Notices of meetings Proxies Voting papers Notices of change of ownership and leases © Copyright 2013 Teys Lawyers

Accounts Owners corporations are required to keep statements of income and expenditure for both administrative fund and sinking fund s.106 (2) Accounts must be prepared from the date of registration of plan or the last set of accounts to a date, which is not earlier than two months before the date of the next succeeding annual general meeting All owners corporations are entitled to resolve to have the accounts audited but large strata schemes must be audited before being presented to the AGM s.102 © Copyright 2013 Teys Lawyers

Inspection of Records  Records may be inspected by: – An owner – A mortgagee – A person authorised by the above  The request must be in writing  A fee is payable © Copyright 2013 Teys Lawyers

Information That Must Be Made Available for Inspection The strata roll Any records or documents Building plans and specifications Certificates of title Last financial statements Current policies of insurance Records / documents in the custody of / under the control of the OC © Copyright 2013 Teys Lawyers

Be Aware - National Privacy Act 1988 Provisions Apply to Strata  Have applied since 1988  Because an OC discloses personal information for a benefit , service or advantage (fee)  What strata managers do as a contractor under Privacy laws binds the OC © Copyright 2013 Teys Lawyers

National Privacy Principals Require Openness  Must have a clearly expressed privacy policy on the management of personal information © Copyright 2013 Teys Lawyers

Certificates About Lots  A lot certificate may be requested by: – An owner – A mortgagee – A person authorised by the above  The request must be in writing  A fee is payable  There is a prescribed form  Certificate has evidentiary significance in favour of purchaser / incoming mortgagee / lessee © Copyright 2013 Teys Lawyers

Next Training Module 7. Compliance with Strata and Other Applicable Laws © Copyright 2013 Teys Lawyers

About the Presenter Michael Teys is the Founder and Principal Lawyer of TEYS Lawyers. He has a Bachelor of Laws and practices exclusively in the area of strata and community title law. He is a Fellow of the Australian College of Community Association Lawyers. He was formerly an Adjunct Lecturer with Charles Sturt University. He has also been the CEO of a publicly listed company and one of Australia’s largest strata management companies managing over $8B of residential and commercial property. Michael appears weekly on SKY News Business Channel's Property Success with Margaret Lomas and is a regular panellist for the property edition of Your Money, Your Call for the same channel. You can read Michael’s blog at and follow him on Twitter at @MichaelTeys Teys Lawyers practice nationally in strata and community title law representing owners corporations, bodies corporate and apartment owners. The firm’s practice groups include building defects, strata community disputes, strata title property law, by-law / rules and levy / fee collection. TEYS Lawyers provide an entirely cloud based working platform for their team. The firm provides flexible working arrangements and has remote working locations in Queensland and Victoria. © Copyright 2013 Teys Lawyers

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