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Sinking Fund Contingencies – Allowed or Not?

Sinking Fund Contingencies – Allowed or Not?

Newsflash #36 and The Duporth Riverside [2017] QBCCMCmr 177 The UOAQ published Newsflash #36 in February 2018, alerting members to a 2017 adjudication order that a body corporate’s annual Sinking Fund Budget cannot include provision for unexplained contingencies. Put simply, a budget is not a lolly jar. It can only “…include specific items of expected expenditure

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Spending and Payment Rules of Bodies Corporate

Spending and Payment Rules of Bodies Corporate

22.2: Liability to Pay v Actual Payment:  A Golden Rule for Each Liability to Pay: arises when a body corporate contracts with either a supplier of goods or a service provider. Actual Payment: transfer of body corporate monies to the supplier, or provider, upon receipt of the invoice.  The rules for ‘liability to pay’ are

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