Petrie Point Terraces [2003] QBCCMCmr 19 (11 July 2003)

Last Updated: 17 May 2005

REFERENCE: 0466-2003

ORDER OF AN ADJUDICATOR

MADE UNDER PART 9 OF CHAPTER 6

BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997

Number of Scheme:	28734
Name of Scheme:	Petrie Point Terraces
Address of Scheme:	100 Bowen Terrace NEW FARM QLD 4005

TAKE NOTICE that pursuant to an application made under the abovementioned Act by the Body Corporate for Petrie Point Terraces

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 Petrie Point Terraces Community Titles Scheme 28734 shall be 31 July 2003 in place of the previous financial year end date. I further order that thereafter, each successive financial year for the Body Corporate for Petrie Point Terraces Community Titles Scheme28734, shall commence on 1 August and terminate on 31 July respectively.

STATEMENT OF ADJUDICATOR’S REASONS FOR DECISION - REF 0466-2003

"Petrie Point Terraces" CTS 28734

The applicant, the body corporate for Petrie Point Terraces, has sought an order of an Adjudicator under the Body Corporate and Community Management Act 1997 (the Act) quote -

... that the body corporate’s financial year end date for the 2003 financial year be altered from 31 October 2003 to 31 July 2003 and that the Body Corporate’s financial year end date in all subsequent years be 31 July in each year.

Section 283 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.

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 body corporate’s 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)).

In the case of a body corporate for a community titles scheme established other than under the 1980 Act, the financial year means, unless previously changed by order of the adjudicator, the period from the establishment of the scheme until the end of the month immediately before the month when the first anniversary of the establishment of the scheme falls, and each successive period of one year from the end of the first financial year (schedule 4).

Section 229 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 body corporate states that the current financial year end date of 31 October means that the AGM must be held on or before 31 January each year. As this falls within the Christmas / January holiday season, the body corporate has found itself without a quorum for the AGM or postponing it until February when owners have returned from holidays. It is also difficult to get audits etc prepared during the Christmas new year period. Owners in general meeting have consented to the application for the proposed change of the body corporate’s financial year.

In the circumstances, I am satisfied that the body corporate has consented to the proposed change of the body corporate’s financial year, and further 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.