18 May Rental First
3 out of 4 series
THE STRATA COMMITTEE
The strata committee of the owners corporation represents owners or owners’ nominees.
It is responsible for the day-to-day running of the strata scheme and is elected at each annual general meeting (AGM).
The owners corporation decides the number of strata committee members for the coming year at each AGM. It can have from 1–9 members, but in a two-lot scheme both owners must be members. A large scheme (more than 100 lots) must have at least 3 members on its committee.
Once the strata committee is elected, the members of the committee decide who is to hold the office-bearer positions. The office-bearer positions are Chairperson, Secretary and Treasurer.
The owners corporation can dismiss some or all of its strata committee. An owners corporation may also employ a strata managing agent and/or building manager to carry out some, or all, of the responsibilities of the strata committee.
The strata committee enables quicker decision making on many of the day-to-day decisions about running the scheme. The owners corporation, being all lot owners, can vote to overrule its strata committee’s decisions or put limits on what they can make decisions about.
Strata committee members must act with due care and diligence and must disclose any conflict of interest at a meeting, which must also be recorded. If a strata committee member does not disclose a conflict of interest, this may result in them receiving a penalty of up to $1,100.
MEMBERS OF THE STRATA COMMITTEE
The following are eligible for election to the strata committee:
- An owner.
- A company nominee of a corporation that is an owner.
- A person who is not an owner but who is nominated by an owner who is not standing for election.
- If a vacancy occurs during the term of the strata committee, the owners corporation must appoint a person to fill the vacancy until the next AGM.
- Co-owners can only be nominated by:
- An owner who is not a co-owner of that lot, or
- A co-owner of that lot who is not a candidate for the election.
Contact Rental First on 02 9095 2600 or enquire online http://www.rentalfirst.com.au/for-owners/.
Property management is all we do and we guarantee your satisfaction.
Maximize your investment with Rental First.
To be continued (3 out of 4 series)