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Minimum notice period for levy increases?

By Johan Zaayman on Sat, 01 Dec 2018 at 00:46

Hi,

We were informed on the 25th Nov, of the new annual levy taking effect from the 1st Dec, along with a special levy for a couple of months.

Does the law stipulate a min period of notice the BC needs to give owners for the annual increase before it takes effect?

I have read they do not have to give a min notice period when special levies are raised.

Thanks
Johan

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RE: Levy increase - min notice period

Prof. Graham Paddock replied on Sat, 01 Dec 2018 at 08:29

A new annual levy should not be a surprise because it has to be based on the budgets approved by members at the AGM, thereafter implemented by the trustees when they pass a resolution levying the contributions as per those budgets.

A special levy can raised without prior notice to owners, but only when the trustees decide that the money is urgently necessary to meet an expense that cannot wait to be included in budgets for the next financial year....Show More

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