Strata Schemes Management Amendment (Sinking Funds) Regulation 2006 (NSW)

2006 No 219

New South Wales

Strata Schemes Management

Amendment (Sinking Funds)

Regulation 2006

under the

Strata Schemes Management Act 1996

His Excellency the Lieutenant-Governor, with the advice of the Executive Council, has made the following Regulation under the Strata Schemes Management Act 1996.

DIANE BEAMER, M.P., Minister for Fair Trading

Explanatory note
The object of this Regulation is to extend section 75A of the Strata Schemes Management Act 1996 (which currently applies only to owners corporations established on or after 7 February 2005) to all owners corporations (other than certain owners corporations for strata schemes comprising only 2 lots). Section 75A requires the owners corporation for a strata scheme to prepare 10-year sinking fund plans and to complete and review the plans at specified intervals.
This Regulation is made under the Strata Schemes Management Act 1996, including sections

75A and 246 (the general regulation-making power).

Published in Gazette No 58 of 28 April 2006, page 2441	Page 1
2006 No 219	Strata Schemes Management Amendment (Sinking Funds) Regulation
Clause 1	2006

Strata Schemes Management Amendment (Sinking

Funds) Regulation 2006

under the

Strata Schemes Management Act 1996

1      Name of Regulation

This Regulation is the Strata Schemes Management Amendment
(Sinking Funds) Regulation 2006.

2      Commencement

This Regulation commences on 1 May 2006.

3 Amendment of Strata Schemes Management Regulation 2005

The Strata Schemes Management Regulation 2005 is amended as set out in Schedule 1.

Strata Schemes Management Amendment (Sinking Funds) Regulation	2006 No 219
2006
Amendment	Schedule 1
Schedule 1	Amendment

(Clause 3)

Clause 30A

Insert after clause 30:

30A	Extension of section 75A of Act to all owners corporations
(1) Subject to section 69 (2) of the Act, the operation of section 75A of the Act is extended to the following owners corporations on the following dates (the application date):

(a)

an owners corporation for a strata scheme with a strata plan number equal to or greater than 50,000—1 July 2006,

(b)

an owners corporation for a strata scheme with a strata plan number equal to or greater than 30,000 and less than 50,000—1 July 2007,

(c)

an owners corporation for a strata scheme with a strata plan number equal to or greater than 10,000 and less than 30,000—1 July 2008,

(d)

an owners corporation for a strata scheme with a strata plan number equal to or greater than 1 and less than 10,000— 1 July 2009.

(2)

This clause applies only to owners corporations established
before 7 February 2005.

(3)

For the purposes of this clause, a reference in section 75A of the
Act to:

(a)	the first annual general meeting is taken to be a reference to the first annual general meeting held on or after the application date, and
(b)	the second annual general meeting is taken to be a reference to the second annual general meeting held on or after the application date.

BY AUTHORITY