Nautilus Three [2004] QBCCMCmr 7 (7 January 2004)

Last Updated: 30 September 2005

C G YOUNGREFERENCE: 0016-2003

ORDER OF AN ADJUDICATOR

MADE UNDER PART 10 OF CHAPTER 6

BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997

Number of Scheme:	18043
Name of Scheme:	Nautilus Three
Address of Scheme:	42 Murev Way CARRARA QLD 4211

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 Nautilus Three Community Titles Scheme 18043 shall be 31 May 2003, in place of the previous financial year end date. I further order that thereafter each successive financial year for the Body Corporate for Nautilus Three Community Titles Scheme 18043 shall commence on 1 June and terminate on 31 May.

STATEMENT OF ADJUDICATOR’S REASONS FOR DECISION - REF 0016-2003

"Nautilus Three" CTS 18043

The applicant body corporate has sought the following order of an adjudicator under the Body Corporate and Community Management Act 1997 ("the Act"), quote –

"That the Financial Year of the Body Corporate be 1June to 31 May."

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)).

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.

The applicant body corporate wishes to change its financial year-end date to coincide with its sister schemes, Nautilus One and Nautilus Two. The schemes share some facilities and it is considered that with all three schemes being able to coordinate their separate budgets and annual general meeting, will provide accounting convenience and other benefits.

The body corporate has submitted a copy of the minutes of the annual general meeting held on 11 December 2002, which includes a decision taken by those present to change the year-end date from 30 September to 31 May each year.

In the circumstances, I am satisfied that the body corporate has properly consented to the proposed change of the body corporate’s financial year and that it is appropriate to make an order changing its financial year-end date to the proposed date.



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