So I've been doing some reading up on Owners Corporations, because much to my surprise, I was elected to be the Chair of the Owners Corporation for the next year! I'm still trying to decide whether or not it's a case of 'let's get the new girl to do it before she knows what she's gotten herself into'!
Whatever the reason for me being elected, I have certain legal obligations and responsibilities so I'd better do my homework!
I found this website, Living in Strata which looks to be very useful. Here is what I've learned so far:
- If an owners corporation has a committee, it must elect a chairperson and a secretary. Failure to fill either of these positions may mean the committee is not lawful. The committee’s chairperson and secretary also then become the chairperson and the secretary of the owners corporation. (from the Living in Strata website)
And from another website, Strataman, a self-managed owners corporation will need to:
- know what existing rules and regulations to follow
- learn all about insurances, fire safety and OH&S requirements
- learn what other legal and legislative obligations you have
- interpret and apply all new legislative and compliance requirements
- set up and maintain the Records and Accounts required by legislation
- know how to convene and run the mandatory meetings
- produce and process financial statements and budgets
- produce, issue and collect quarterly levies
- know how to deal with tradespeople from a legislative as well as operational standpoint
- put an appropriate preventative maintenance program in place for the scheme
- keep the scheme's insurances current and correct
- ensure all the scheme's bills are paid and on time
- manage the scheme's RISK environments for OH&S and Fire Safety
- handle all owner disputes no matter what the problem
So it looks like I have my work cut out for me!
Image from here.