351. How to appoint a community association rep + a strata loan win
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Reena and I cover:
- why a lack of office bearer’s liability cover might not be as scary as it sounds
- how an owners corporation appoints a representative to the community association
- how to extend the term of your strata loan, and
- the investor owner who saved $35,000 in interest payments
Links Mentioned:
- Get the transcript here!
- Episode 350. Why we must resolve the conflicts of interest in our strata insurance arrangements – John Trowbridge (Part 2)
- Episode 349. Why we must resolve the conflicts of interest in our strata insurance arrangements – John Trowbridge
- Section 260 | Personal Liability of officers of owners corporations and others | Strata Schemes Management Act 2015 | NSW
- Section 33 | Persons who are eligible to be members of community committee or precinct committee | Community Land Management Act 2021
- Episode 332. What is a hybrid loan? – Andrew Boss, Austrata
“pure heart and empty head” standard.
Subjective and objective components: “honesty in fact” is subjective, i.e. whether the individual knew, as a factual matter, that the action was within the authority of the owners corporation.
While “reasonable management standard” imposes an additional objective standard, i.e. whether the individual’s actions were consistent with expectation of care envisaged by the legislature.
Acting in good faith arguably means acting in accordance with the Act so if a SC member has an ’empty head’ then s 260 might not save them no matter how well believed their intentions were.