New South Wales Consolidated Acts

STRATA SCHEMES MANAGEMENT ACT 1996 - SECT 68

68 What money can be paid out of the administrative fund?

(1) An owners corporation must not pay any money from its administrative fund except for the purpose of:

(a) payments of the kind for which estimates have been made under section 75 (1), or

(b) payments made in accordance with this Division on a distribution of a surplus in the fund, or

(c) payments to a member of the executive committee in accordance with this Act, or

(d) other payments in connection with carrying out its functions under this Act or the by-laws, except payments of a kind referred to in section 71 (1).

(2) However, an owners corporation may pay money by transfer from its administrative fund to its sinking fund or by meeting from its administrative fund expenditure that should have been met from its sinking fund so long as the owners corporation complies with subsection (3).

(3) The owners corporation must, not later than 3 months after the disbursement, make a determination under section 76 (1) of an amount sufficient to recoup the amount of the disbursement.