The following three questions are from Queensland strata lot owners concerning different aspects of strata living QLD. Thank you to Kelly Borell, Tower Body Corporate Administration for providing the following responses.
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Question: What are the requirements and rules for replacing committee members?
My question about strata living QLD refers to filling committee positions. Our Chairperson / Secretary ( the same person ) is resigning from the committee.
We are a full seven person committee. What are the requirements and rules for replacing the seventh person and electing a new Chairperson and Secretary?
Answer: When a Committee member resigns from their position, the Committee has one month in which to fill the vacancy.
When a Committee member resigns from their position, the Committee has one month in which to fill the vacancy.
If the position is not filled within this time frame, an Extraordinary General Meeting (EGM) must be called to fill the position.
If the Committee fills the Chairperson and Secretary position with an existing member of committee, a vacancy for an Ordinary member position will be created and must then be filled within one month.
Question: Can we change to a self managed strata scheme?
I live in a small strata scheme. We have a Body Corporate Manager, but are researching the possibility of being self managed as there are several members with extensive financial and management experience.
Is there a maximum number of lots that can be self managed before you are required to appoint a Body Corporate Manager?
Answer: There is no requirement to have a Body Corporate Manager.
There is no requirement to have a Body Corporate Manager.
Any scheme can be self managed if that is what the owners agree upon.
Question: Can money be transferred from the Administration Fund to the Sinking Fund?
In a small block units, if all owners approve, can money be transferred from the Administration Fund to the Sinking Fund?
Also, in Qld, is there a limit on how much owners can reduce last years levies in view of a much lower budget if all approve?
Answer: It is illegal to transfer money between the Administration Fund and the Sinking Fund
It is illegal to transfer money between the two funds.
- Section 146(7) Funds must not be transferred between the administrative fund and the sinking fund.
There is no limit on how much the levies may be reduced/increased from one year to the other.
What they do need to do is a budget for both funds, and ensure:
- That the administrative fund budget/levies covers all expenses for the year
- That the sinking fund budget/levies are in line with the sinking fund forecast which must be in place to cover at least the next 9 years.
Tower Body Corporate Administration
P: 07 5609 4924
This article is not intended to be personal advice and you should not rely on it as a substitute for any form of advice.
Are you interested in more about strata living QLD – body corporate meetings and self managed schemes, levies or information particular to QLD legislation? Visit our FactSheet: Strata Committee Concerns, FactSheet: Your Strata Levies OR FactSheet: Strata Legislation QLD