strata 101 part 4 how the committee functions 9 july 2012

© Copyright 2012 Teys Lawyers www.teyslawyers.com.au

Strata 101- How the Committee Functions A 7 Part Training Series for New Queensland Body Corporate Managers, 9 July 2012


Overview

1.  CommiJee powers

2.  Powers and duKes of a chairperson

3.  Powers and duKes of a secretary

4.  Powers and duKes of a treasurer

5.  CommiJee meeKngs


CommiJees’ Powers

Day to day administraKon and implementaKon of BC decisions

Except for restricted issues, commiJee decisions are decisions of the BC

Spending limits apply between $200-‐$450 x lots


Powers & DuKes of the Chairperson

•  Limited to chairing meeKngs

•  No power to authorise spending to any extent

•  No power to make decisions in the absence of the commiJee

•  Does not have a casKng vote at general meeKng


Powers & DuKes of a Secretary

•  Arranges meeKngs •  Provides records •  Issues cerKficates •  Accepts service noKce •  Monitors use of the seal •  Maintains the roll However, in pracKce all of these duKes are delegated to the body corporate manager


Powers & DuKes as a Treasurer

•  Authorises payments •  Prepares budgets •  Monitors spending •  Monitors levy payments •  Makes term deposits •  Checks financial accounts

Again, bookkeeping and day to day treasury funcKons are delegated to the body corporate manager


CommiJee MeeKngs

Seven days noKce (2 days if all agree in wriKng)

Lot owners must receive noKce

Substance of issues must be described in agenda

50% of voKng members is quorum

One vote each + proxies


Next Week

•  Financial management & records

1.  Financial year and budgets

2.  ContribuKons and levies

3.  Financial accounts

4.  Documents and record management

5.  InspecKon of records


About the Presenter Michael Teys is the Founder and Principal Lawyer of TEYS Lawyers. He has a Bachelor of Laws and practices exclusively in the area of strata and community title law. He is a Fellow of the Australian College of Community Association Lawyers. He was formerly an Adjunct Lecturer with Charles Sturt University. He has also been the CEO of a publicly listed company and one of Australia’s largest strata management companies managing over $8B of residential and commercial property. Michael appears weekly on SKY News Business Channel's Property Success with Margaret Lomas and is a regular panellist for the property edition of Your Money, Your Call for the same channel. You can read Michael’s blog at www.michaelteys.com and follow him on Twitter at @MichaelTeys.com

Teys Lawyers practice nationally in strata and community title law representing owners corporations, bodies corporate and apartment owners. The firm’s practice groups include building defects, strata community disputes, strata title property law, by-law / rules and levy / fee collection.

TEYS Lawyers provide an entirely cloud based working platform for their team. The firm provides flexible working arrangements and has remote working locations in Queensland and Victoria.