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The sinking fund is the contributions collected specifically for spending of a capital or non-recurrent nature and also for the periodic replacement of major items of a capital nature. This fund may not be used for any other purpose and monies from this fund can not be transferred to the administration fund under any circumstances.

The contributions to the sinking fund are determined by reference to a sinking fund report. It is compulsory for the body corporate to regularly engage a suitably qualified person, such as an engineer or quantity surveyor, to prepare this report for a minimum ten (10) year period.

 

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