Owners corporation must have bank account

In force

(1)

An owners corporation for a units plan must—

(a)

open and maintain an account with 1 or more authorised deposit-taking institutions; and

(b)

pay all amounts it receives into the account; and

(c)

pay all amounts it spends out of the account.

Note 1

An authorised deposit-taking institution is an institution (eg a bank, credit union or building society) that is authorised under the Banking Act 1959 (Cwlth), s 9 (3) (see Legislation Act, dict, pt 1).

Note 2

An owners corporation may open and maintain more than 1 account. Words in the singular number include the plural (see Legislation Act, s 145 (b)).

(2)

An owners corporation for a units plan with only 2 or 3 units may, by unopposed resolution, exempt itself from subsection (1).

This Act’s bill:Explanatory statement Second reading speech

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68 Owners corporation must have bank account