STRATA SCHEMES MANAGEMENT ACT 2015 - SECT 211A Debt recovery if building bond not provided or insufficient

STRATA SCHEMES MANAGEMENT ACT 2015 - SECT 211A

211A Debt recovery if building bond not provided or insufficient

(1) The Secretary may recover from a developer, as a debt in a court of competent jurisdiction, any amount required to be secured by a building bond given by the developer to the Secretary under this Part if--

(a) the building bond has not been given to the Secretary, or

(b) the building bond has been given to the Secretary but the amount secured by the building bond is less than the amount required under this Part.

(2) An owners corporation may claim from the Secretary the whole or part of an amount recovered under this section for payment to the owners corporation.

(3) Section 209 applies, with any necessary modifications, in relation to any such claim in the same way as that section applies in relation to a claim by the Secretary for payment of an amount secured by a building bond.

(4) The Secretary may refuse to pay an amount under this section in the same circumstances as the Secretary may refuse to claim or realise an amount under section 209.

(5) Section 210 (except section 210 (2)) applies, with any necessary modifications, in relation to an amount paid to an owners corporation under this section in the same way as it applies to an amount secured by a building bond that is paid under section 209.

(6) An owners corporation must--

(a) repay to the developer any amount that has been paid to the owners corporation under this section and is not required for a purpose specified in section 210 (1), and

(b) give the developer written notice of the completion of the rectification of the defective building work.

: Maximum penalty--10 penalty units.