Magnetic International Resort Hotel [2001] QBCCMCmr 631 (18 December 2001)

P J HANLYREFERENCE: 0753-2001

ORDER OF AN ADJUDICATOR

MADE UNDER PART 10 OF CHAPTER 6

BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997

Number of Scheme:	4810
Name of Scheme:	Magnetic International Resort Hotel
Address of Scheme:	Mandalay Avenue NELLY BAY MAGNETIC ISLAND QLD 4814

TAKE NOTICE that pursuant to an application made under the abovementioned Act by the

Body Corporate


I hereby order that for the purposes of the Body Corporate and Community Management Act 1997 (the Act) and pursuant to section 229 of the Act, the next financial year end date of the Body Corporate for Magnetic International Resort Hotel Community Titles Scheme 4810 shall be 30 June 2002, in place of the previous financial year end date.

I further order that thereafter, each successive financial year for the Body Corporate for Magnetic International Resort Hotel Community Titles Scheme 4810 shall commence on 1 July and terminate on 30 June, respectively.

STATEMENT OF ADJUDICATOR’S REASONS FOR DECISION - REF 0753-2001

“Magnetic International Resort Hotel” CTS 4810

The applicant, the Body Corporate for Magnetic International Resort Hotel Community Titles Scheme 4810, has sought the following order of an adjudicator under the Body Corporate and Community Management Act 1997 (the Act), quote –

Change in end of financial year from 28 February each year to 30 June each year.

Section 223(1) of the Act provides that an adjudicator may make an order that is just and equitable in the circumstances (including a declaratory order) to resolve a dispute, in the context of a community titles scheme. An adjudicator’s order may contain ancillary or consequential provisions the adjudicator considers necessary or appropriate (section 230(1)).

In the case of a body corporate established under the 1980 Act, then unless the first annual general meeting has not been held, the financial year is each year ending on the last day of the month containing the anniversary of the first annual general meeting. Alternatively, in the case of bodies corporate in respect of which the referee has made an order changing the anniversary date, the financial year is each year ending on the last date of the month containing the date fixed by the referee (see section 276(9)).

Section 229 of the Act provides that with the consent of the body corporate, the order of the adjudicator may include a change of the body corporate’s financial year and of the dates when future financial years begin.

In the supporting grounds, the applicant states that owners wish to change the financial year-end date to enable the annual general meeting of the body corporate to be held in conjunction with the annual general meeting of the pooling company in Melbourne, as almost all owners reside in the southern states.

I note that the body corporate consented to the change of financial year-end date at the annual general meeting held on 8 June 2001.

In the circumstances, I am satisfied that it is reasonable and appropriate to make an order changing this body corporate’s financial year-end date to the date as proposed by the applicant. I have ordered accordingly.change financial yearn30 June 20021 July30 Juneto enable annual general meeting to be held in conjunction with the annual general meeting of the pooling company