Victorian Consolidated Legislation

Owners Corporations Act 2006 - SECT 45

Extraordinary payments for urgent matters

45. Extraordinary payments for urgent matters



(1) Subject to this section, money may also be paid out of the maintenance
fund for an urgent matter.

(2) For the purposes of subsection (1), an urgent matter includes where
payments are required-

   (a)  to comply with an order of a court or VCAT;

   (b)  to repair or maintain any part of the property for which the owners
        corporation is responsible where there are reasonable grounds to
        believe that an immediate expenditure is necessary to ensure safety or
        prevent significant loss or damage to persons or property;

   (c)  to repair any part of the property for which the owners corporation is
        responsible where the need for the repairs could not have been
        reasonably foreseen in preparing the maintenance plan;

   (d)  to enable the owners corporation to obtain adequate insurance for the
        property that the owners corporation is required to insure.





(3) Expenditure under this section must not exceed-

   (a)  the amount necessary for the purpose for which it is expended; or

   (b)  any limitation imposed by the owners corporation on expenditure under
        this section.

(4) Expenditure under this section must comply with any other restrictions or
requirements imposed by the owners corporation.

(5) The owners corporation must report to the lot owners on any expenditure
under this section as soon as possible after the expenditure is made.

Division 5-Asset management