127. Beware the outdated financial statement
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This week, Reena and I discuss the unusual rules applicable to community schemes paying out legal fees. We also cover the “2 month” requirement when it comes to financial statements at AGMs, and I provide my tips on putting your best foot forward in the Tribunal.
Links mentioned:
- Get the transcript here!
- Peaceful Communities Webinar
- Your Strata Property Membership
- Transcript of this episode
- Episode 118. The dangers of global renovation works by-laws
- Community Land Management Act – NSW
- Section 105 – Community Land Management Act
- Section 92 – Strata Schemes Management Act 2015 (NSW)
The Section 92 requirement.
The consequence for failure to comply is?
Hi Stephen, this is not a penalty provision, so there is no fine payable for breach, but an ‘interested person’ (eg – lot owner) could apply to the Tribunal for an order requiring the Owners Corporation to comply with the requirement.