Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) An owners corporation must establish a fund for the general administration of the corporation (the administrative fund ).
(2) An owners corporation may, by special resolution, establish other funds for particular purposes (a "special purpose fund").
(3) The purposes for which a special purpose fund may be used may only be changed by special resolution of the owners corporation.
(4) A payment or transfer out of the administrative fund or a special purpose fund may only be made for a purpose for which the fund may be used, unless the owners corporation decides otherwise by special resolution.
(5) At each annual general meeting of an owners corporation, the corporation must, by special resolution, approve a budget for the administrative fund and each special purpose fund (the general funds budget ) for the financial year in which the meeting is held.
(6) The general funds budget must state the total amounts estimated to be paid into and out of the owners corporation's general funds in the financial year in which the annual general meeting is held (excluding transfers to the sinking fund).