Maintenance fund – owners corporations

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Establishing a maintenance fund

Any owners corporation (formerly body corporate) with a maintenance plan must establish a maintenance fund.

The fund must contain any:

  • part of the annual fees designated for the maintenance plan
  • amounts received under an insurance policy for any item in the maintenance plan
  • interest earned by investing fund money
  • amounts of a prescribed kind (there are no prescribed amounts at this time)
  • amounts of a kind determined by the owners corporation.

Payments from a maintenance fund

An ordinary resolution at a general meeting is required for money to be paid out of the maintenance fund for items listed in the maintenance plan.

A special resolution is required for payments from the maintenance fund for an urgent matter not listed in the maintenance plan.

For information about what is required to pass these resolutions, view the resolutions and notices information on our Running meetings - owners corporations page.