Regatta Riverside Tower 2 [2008] QBCCMCmr 35 (1 February 2008)

Last Updated: 27 February 2008

REFERENCE: 0068-2008

ORDER OF AN ADJUDICATOR

MADE UNDER PART 9 OF CHAPTER 6

BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997

Number of Scheme:	31698
Name of Scheme:	Regatta Riverside Tower 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 (the Act) and pursuant to section 283 of the Act, the financial year end date of the Body Corporate for Regatta Riverside Tower 2 shall be 31 March in place of the previous financial year end date. I further order that thereafter each successive financial year for the Body Corporate for Regatta Riverside Tower 2 shall commence on 1 April and end on 31 March.

STATEMENT OF ADJUDICATOR’S REASONS FOR DECISION - REF 0068-2008

"Regatta Riverside Tower 2" CTS 31698

Application

The applicant body corporate has sought an order of an adjudicator under the Body Corporate and Community Management Act 1997 (Act) to change the end of financial year for the scheme from 31 August to 31 March.

Jurisdiction

Section 276(1)(b) of the Act provides that an adjudicator may make an order that is just and equitable in the circumstances, 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 this Act of the
community management statement. An adjudicator’s order may contain ancillary or consequential provisions the adjudicator considers necessary or appropriate (section 284(1), Act).

Section 283 of the Act specifically provides as follows:

Change of body corporate’s financial year.
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.

Determination

The applicant body corporate advises that Regatta Riverside Tower 2 is part of a layered scheme in which involving a Principal Scheme and four subsidiary schemes. At present, the end date of the financial year for the principal scheme is 31 March and the financial year end date for two subsidiary schemes is also 31 March. It is therefore proposed that this body corporate adopt the same financial year.

I note that at the last AGM it was resolved that an application be made to this office seeking approval to change the financial year end date from 31 August to 31 March.

In the circumstances, I am satisfied that the body corporate has properly consented to the proposed change of financial year and that it is appropriate to make an order changing the financial year end date to 31 March.