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All amounts collected, other than sinking fund amounts, are to be paid into the administrative fund. The administrative fund is to be used for the expenditure incurred in the daily running of the body corporate. Surplus funds in the administrative fund can not be transferred to the sinking fund under any circumstances but can be used to reduce the administrative fund levies.

In the BCCM Act under a Principal Scheme (PBC)  arrangement all subsidiary scheme must pay both the Administration Fund and Sinking Fund levy contributions that are due to the PBC from their own subsidary scheme Administation Funds only.

 

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Last edited by Priscilla Hyde - Stewart Silver King and Burns
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