Responsibilities of the owners corporation - Large schemes

A large scheme is one with more than 100 lots. Parking and utility lots are not counted in the calculation. Some special provisions apply to large schemes:

• financial accounts must be audited every year
• annual budgets must list amounts expected to be spent on specific items
• at least two quotes must be obtained by the owners corporation for items of expenditure over $30,000
• executive committees of large schemes are not permitted to spend more than 10% above the budgeted amount for any item, except for emergencies, eg blocked sewer pipes (unless the owners corporation lifts the restriction by a resolution)
• proxy votes for a owners corporation meeting must be provided to the secretary at least 24 hours before the meeting
• personal notice of all upcoming executive committee meetings and the minutes of these meetings must be given to all lot owners (notice may not be given via noticeboards).