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financial responsibility

By Frans Ellis on Wed, 13 Jun 2018 at 12:27

where in the Act does it say that the BC is financially responsible for maintenance of town house units

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RE: financial responsibility

Murray Bennett replied on Sat, 16 Jun 2018 at 15:23

Sectional Title Scheme Management Act NO8 0g 2011 {which can be found under the library section of this page] states:
Functions of bodies corporate
3. (1) A body corporate must perform the functions entrusted to it by or under this Act 15 or the rules, and such functions include—
(a) to establish and maintain an administrative fund which is reasonably sufficient to cover the estimated annual operating costs—
(i) for the repair, maintenance, management and administration of the common property (including reasonable provision for future mainte- 20 nance and repairs);
(ii) for the payment of rates and taxes and other local municipality charges for the supply of electricity, gas, water, fuel and sanitary or other services to the building or land;
(iii) for the payment of any insurance premiums relating to the building or 25 land; and
(iv) for the discharge of any duty or ful lment of any other obligation of the body corporate;
(b) to establish and maintain a reserve fund in such amounts as are reasonably sufficient to cover the cost of future maintenance and repair of common 30 property but not less than such amounts as may be prescribed by the Minister;
(c) to require the owners, whenever necessary, to make contributions to such funds: Provided that the body corporate must require the owners of sections entitled to the right to the exclusive use of a part or parts of the common property, whether or not such right is registered or conferred by rules, to make 35 such additional contribution to the funds as is estimated necessary to defray
the costs of rates and taxes, insurance and maintenance in respect of any such part or parts, including the provision of electricity and water, unless in terms of the rules the owners concerned are responsible for such costs..................

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