Division 2 Other records and accounts required to be kept by owners corporation
100 What are the duties of an owners corporation to keep other records and documents?
(1) It is the duty of an owners corporation to keep records and documents in accordance with this Division.(2) The information required to be kept may be recorded or stored by mechanical, electronic or other means.
101 Notices and orders to be kept
An owners corporation must cause the following to be recorded:(a) particulars of any notice served on the owners corporation under this or any other Act, any order under this Act served on the owners corporation and any order made by a court or tribunal and served on the owners corporation,(b) the date on which it was served and the manner of service,(c) the part of the parcel to which it relates,(d) the date by which compliance is required,(e) the date on which it is complied with.Maximum penalty: 2 penalty units.
An owners corporation must keep minutes of its meetings that include particulars of motions passed at those meetings.Maximum penalty: 2 penalty units.
An owners corporation must keep the accounting records prescribed by the regulations.Maximum penalty: 2 penalty units.
104 Certain records to be retained for prescribed period
An owners corporation must cause the following to be retained for 5 years or such other period as may be prescribed by the regulations:(a) the records, notices, orders, minutes of meetings and accounting records required to be kept under this Division,(b) its financial statements,(c) copies of correspondence received and sent by the owners corporation,(d) notices of meetings of the owners corporation and its executive committee,(e) proxies delivered to the owners corporation,(f) voting papers relating to motions for resolutions by the owners corporation and to the election of office holders and the executive committee,(g) records served on the owners corporation by the strata managing agent relating to the exercise of functions by the agent,(h) such other documents as may be prescribed by the regulations.Maximum penalty: 5 penalty units.
105 Owners corporation may require certain persons to produce records, accounts and property of the owners corporation
(1) If the executive committee of an owners corporation gives a notice to a person who has possession or control of property (including records) of the owners corporation requiring the person to deliver the property to the executive committee, the person must, within 7 days after receiving the notice, deliver that property to a member of the executive committee specified in the notice.Maximum penalty: 20 penalty units.
(2) If the executive committee of an owners corporation gives a notice to a person who has possession or control of property (including records) of the owners corporation advising of the decision of the owners corporation to terminate the person’s appointment as strata managing agent, the person must, within 7 days after receiving the notice, deliver that property to a member of the executive committee specified in the notice.Maximum penalty: 20 penalty units.
(3) This section does not take away or affect any just claim or lien which a strata managing agent may have against or on any records or other property of an owners corporation.(4) This section does not affect the operation of the Property, Stock and Business Agents Act 2002.Note. The Property, Stock and Business Agents Act 2002 contains requirements relating to the keeping of records under that Act.