Land Code (Strata) Act · 2000 Revised Edition · Part IV · Strata Corporation
31. Funding, service charges and insurance
Official textFrom Attorney General's Chambers, unchanged
The strata corporation shall also —
establish and maintain a fund or funds for administrative expenses sufficient in the opinion of the strata corporation for the control, management and administration of the common property including the repaid and replacement where necessary of mechanical services such as lifts, air conditioning and fire safety systems and for the payment of any insurance premiums, rent and repairs and the discharge of any other obligations of the strata corporation;
determine the service charges to be levied for the purposes set out in paragraph (a);
raise amounts so determined by levying the service charges on the proprietors in proportion to the unit entitlement of their respective units.
The strata corporation may distribute any money or personal property in its possession and surplus to its current requirements among the proprietors for the time being according to their unit entitlements.
unit
“unit”, in relation to any land, means a part of the land consisting of a space of any shape situated on or above the surface of the land, or below the surface of the land to the extent that any buildings or related structures occupy the subsoil, or partly in one such situation and partly in another or others, all the dimensions of which are limited, and that is designed for separate ownership;
Land Code (Strata)
land
“land” includes land of any tenure, any building or parts thereof, the air space above the surface, the surface of the land and such of the subsoil as is occupied by any buildings and related structures, but excludes the right to all minerals and mineral products including oil and gas;
For the purposes of effecting any policy of insurance under the provisions of section 30, the strata corporation shall be deemed to have an insurable interest in all the buildings and other improvements on the land.
Any policy of insurance authorised by this section and effected by the strata corporation in respect of any buildings or other improvements on the land shall not be liable to be brought into contribution with any other policy, except another policy authorised by this section in respect of the same building or improvements.
building
“building” means any completed building which complies with approvals granted by the relevant authority;
Terms defined in s 2
building
Defined · s 2“building” means any completed building which complies with approvals granted by the relevant authority;
common property
Defined · s 2“common property” means common property within the meaning of paragraph (c) of subsection (1) of section 8;
land
Defined · s 2“land” includes land of any tenure, any building or parts thereof, the air space above the surface, the surface of the land and such of the subsoil as is occupied by any buildings and related structures, but excludes the right to all minerals and mineral products including oil and gas;
unit
Defined · s 2“unit”, in relation to any land, means a part of the land consisting of a space of any shape situated on or above the surface of the land, or below the surface of the land to the extent that any buildings or related structures occupy the subsoil, or partly in one such situation and partly in another or others, all the dimensions of which are limited, and that is designed for separate ownership;
unit entitlement
Defined · s 2“unit entitlement”, in relation to any unit, means the unit entitlement assigned to that unit under subsection (1) of section 13, section 51, 52 or 60; Application of Act.
Part V
Service Charges
Part VI
Insurance
Part VII
Rules of Strata Corporation
Part VIII
Variation Plans
Part IX
Part X
Expiry of Strata Plan
Part XI