Sinking fund—what can fund be used for?
88 Sinking fund—what can fund be used for?
An owners corporation for a units plan may only make payments from its sinking fund if the payments are consistent with the sinking fund plan.
An owners corporation may at any time, by ordinary resolution, amend its sinking fund plan to ensure that the plan reflects expected sinking fund expenditure and the total sinking fund contributions are sufficient to meet the expected sinking fund expenditure stated in the plan.
Expenditure from the sinking fund for the purpose of installing sustainability or utility infrastructure must be provided for in the sinking fund plan (see s 23).
This Act’s bill:Explanatory statementSecond reading speech
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