Regatta Riverside Terraces 2 [2008] QBCCMCmr 26 (25 January 2008)

Last Updated: 22 February 2008

REFERENCE: 0055-2008

ORDER OF AN ADJUDICATOR

MADE UNDER PART 9 OF CHAPTER 6

BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997

Number of Scheme:	31697
Name of Scheme:	Regatta Riverside Terraces 2
Address of Scheme:	7 Land Street TOOWONG QLD 4066

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 and pursuant to section 283 of that Act, the next financial year end date of the body corporate for Regatta Riverside Terraces 2 CTS 31697 shall be 31st March 2008 in place of the previous financial year end date. I further order that each successive financial year for the body corporate for Riverside Terraces 2, shall commence on 1st April and terminate on the last day of March.

STATEMENT OF ADJUDICATOR’S REASONS FOR DECISION - REF 0055-2008

"Regatta Riverside Terraces 2" CTS 31697

APPLICATION

This is an application dated 17^th December 2007 but not lodged at this Office until 25^th January 2008, by the body corporate for Regatta Riverside Terraces 2 CTS 31697 (the body corporate) for an order that the financial year end for the scheme be changed from 31^st August to 31^st March each year.


JURISDICTION

"Regatta Riverside Terraces 2" Community Title Scheme 30824 is a subsidiary community title scheme governed by the Body Corporate and Community Management Act 1997 (the Act) and the Body Corporate and Community Management (Accommodation Module) Regulation 1997. There are 22 lots in the scheme.

Section 276(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, about the exercise of rights or powers, or the performance of duties, under the Act. An adjudicator's order may contain ancillary and consequential provisions which the adjudicator considers necessary or appropriate (section 284(1)).

Section 283 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
later financial years begin.


SUBMISSION

The scheme is part of a layered scheme consisting of a principal scheme and four subsidiary schemes. It is proposed that the principal scheme and the subsidiary schemes all have the same financial year end. The principal scheme’s financial year ends on 31^st March as do two of the other subsidiary schemes. The application contains minutes of an annual general meeting held on 29^th November 2007 at which by a vote 5 – 0 the body corporate resolved to change the financial year end from 31^st August to 31^st March.

DETERMINATION

I am satisfied that the body corporate has consented to the proposed change in the date of the scheme financial year. Section 283 Act couches the order which can be made in the terms of the commencement of future financial years. Thus the current financial year end will be 31^st March 2008, and future financial years will commence on 1^st April.