s 45
In forceAdministrative fund
Part 8Bodies corporate
Division 8.4Management
45 Administrative fund
(1)
A body corporate must keep a fund for meeting its financial obligations under this Act.
(2)
All income must be paid into the fund and all expenditure must be made from the fund.
(3)
If the body corporate considers it appropriate, the fund may be subdivided into separate parts, one related to recurrent expenditure and the other related to capital expenditure.
(4)
The fund must be kept at a level sufficient to meet reasonably foreseeable expenditure to be incurred by the body corporate.
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