What fees can the Owners Corporation charge?
A Owners Corporation sets fees to cover general administration and maintenance, insurance and other ongoing costs. The Owners Corporation can decide the level of fees, how they are paid and times for payment. A Owners Corporation can also levy special fees or charges to cover extraordinary items of expenditure, for example, to pay for painting works. If the amount proposed is more than twice the amount of the annual fees it must be approved by a special resolution (75% majority of all members). If a member does not pay the fees or levies, the member loses the right to vote on matters requiring an ordinary resolution. The member is still entitled to attend meetings of the Owners Corporation but may only vote on matters requiring a special resolution or unanimous resolution. The Owners Corporation can also sue members to recover debts. The body corporate may charge penalty interest on money owed by members. A decision to charge penalty interest must be approved by special resolution and
Related Questions
- Some PHSP service providers charge Annual Renewal Fees, or Termination Fees. What are the other unadvertised fees at Brock Health Administration?
- If an Body Corporate/Owners Corporation is registered, does it charge the GST on levies (administrative and sinking fund)?
- Does TheLoanPro.com charge any up-front fees?
