August Newsletter 2022
Strata Insurance Update
Dear Members,
As we navigate through a hard insurance market there has been an update to Strata Insurance cover. The update includes what factors have impacted pricing and also how the strata market can be more accessible.
There are changes to the following –
- Cladding
- Defects
- Catastrophic Events
- Continuing Growth of Strata Developments
Premium Strata will always bring you the most up-to-date industry news.
More information here.
Stay Safe and Informed!
Regards,
Leanne Habib
CEO
NSW: Q&A Owners Corporation Meeting Minutes – How much detail should go in?
Question: What is the procedure to have the minutes of an AGM amended?
What is the procedure to have the minutes of an AGM amended? Is it by way of a motion for the agenda of the next AGM or can an amendment be proposed and seconded from the floor at the time of the next AGM? If it is the latter, is a vote necessary?
Answer: Often in strata, minutes are circulated in draft by the Secretary for amendments by the strata committee in advance of the next meeting.
Often in strata, minutes of general or other meetings are circulated in draft by the Secretary for comments/amendments by the strata committee in advance of the next meeting or the due date for issuance of minutes.
When presented at the next meeting of the owners corporation for adoption, however, the latter course you describe ie motion put, then seconded, with a vote, with a majority in support is required to correct/amend the motion.
NSW: Q&A Strata approval for renovations – What is the process?
Question: Should a Special Resolution for a by-law include the full by-law, which runs to two pages, or reference it as an attachment?
We are looking to renovate our bathroom. Should a Special Resolution for the by-law include the full by-law, which runs to two pages, or reference it as an attachment?
There is an Attachment A to the by-law which is includes builder’s details and a description of the work to be carried out.
Answer: We recommend that all particulars/details of the works be included within the text of the by-law itself.
For abundance of caution, we recommend that all particulars/details of the works be included within the text of the by-law itself as this is the document (once passed) which is registered on the folio of the common property with the Registrar General’s Office (NSW Land Registry Services) and becomes the permanent record of the approvals passed by the Owners Corporation.
However, your strata managing agent may keep on file this “Attachment A” together with the lot owner’s written consent both of which would be cross-referenced in the by-law and be available for production should a dispute arise.
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