Australian Capital Territory Numbered Regulations

UNIT TITLES (MANAGEMENT) TRANSITIONAL PROVISIONS REGULATION 2012 (NO 12 OF 2012) - REG 5

    (1)     This section applies to a sinking fund plan—

        (a)     approved by an existing owners corporation under the Unit Titles Act 2001 , division 5.4; and

        (b)     that was current immediately before the commencement day.

    (2)     The total sinking fund amount for a financial year is taken to be the sinking fund contribution determined in accordance with the sinking fund plan by the existing owners corporation for that year.

    (3)     Subsection (2) applies to each financial year before the financial year in which the earlier of the following happens:

        (a)     the sinking fund plan is replaced under the Act, section 84 (2);

        (b)     the sinking fund plan is reviewed under the Act, section 85;

        (c)     the sinking fund plan is amended under the Act, section 86.

    (4)     In this section:

"commencement day" means the day the Act, part 12 commences.

"existing owners corporation" means an owners corporation established under the Unit Titles Act 2001 that is in existence immediately before the commencement day.

Note 1     An existing owners corporation includes a corporation established under the Unit Titles Act 1970 (repealed) and continued in existence under the Unit Titles Act 2001 , s 184 (expired).

Note 2     Establish includes constitute and continue in existence (see Legislation Act, dict, pt 1).