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A large scheme is defined as one with over 100 lots (ie. 101 lots or more). Parking and utility lots are not counted in the calculation. The following special provisions apply to large schemes:

  • Financial accounts must be audited every year (s. 107 (2)).
  • Annual budgets must list amounts expected to be spent on specific items (s. 75 (5)).
  • At least two quotations must be obtained by the owners corporation for expenditure of over $25,000. [Section 80B & Clause 14 of Regulation].
  • Executive committees of large schemes are not permitted to spend more than 10% above the budgeted amount for any item (unless the owners corporation lifts the restriction by a resolution). The 10% limit does not apply to emergency expenditure such as blocked sewer pipes (s. 80a).
  • Proxy votes for an owners corporation meeting must be provided to the Secretary at least 24 hours before the meeting concerned. [Schedule 2, Clause 11 (3)].
  • Personal notice of all upcoming executive committee meetings must be given to all lot owners (notice may not be given via noticeboards) [Schedule 3, Clause 6].
  • Personal notice of the minutes of executive committee meetings must be given to all lot owners and not via noticeboards. [Schedule 3, Clause 16].

 

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