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The Finance and Expenditure Committee (the committee) has published its report on the Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Bill.

The Bill now has various changes made to it since submissions were made earlier this year. The full report is available here.

We encourage members to review the entire report and for convenience, have summarised the committee's recommendations as follows: 

1. Amending the pre-contract disclosure statements.
2. Amending and retaining the pre-settlement disclosure statement.
3. Deleting additional disclosure.
4. Amending the procedure for either delaying or cancellation of settlement for incomplete or non-disclosure.
5. Removing the limits on proxy voting.
6. Retaining the existing (COVID 19) provisions on holding meetings by audio visual means.
7. Putting in place the ability for those attending meetings by AV to vote electronically.
8. Establishing defects register which will be included in the pre-contract disclosure statement.
9. Requiring LTMP to be for 30 years but with cost estimates for the first 10 year and a high level indication for the following years.
10. Allowing bodies corporate to opt out of having an LTMF by special resolution, and to determine whether to continue in that vein by special resolution annually.
11. Requiring bodies corporate to specify how their LTMP is to be funded.
12. Removing the requirement for body corporate managers to be a member of an Industry Association and instead, requiring them to abide by a code of conduct in the regulations.
13. Changing the categorisation of developments into two categories, large and small, and allowing large developments to, by special resolution, opt out of the requirement to hire a body corporate manager.
14. Requiring the body corporate committee to report back in writing to the body corporate general meeting annually.
15. Removing the requirements for the certification of pre-contract disclosure statements.
16. Altering the Tenancy Tribunal's jurisdiction to $100,000.00.
17. Changing the Tenancy Tribunal's fees to one category and reducing that fee accordingly.
18. Adding various enforcement tools for the regulator - MBIE, including imposing penalties on those body corporates or body corporate managers that do not comply with the Act.

Please take the time to acquaint yourself with the report, it makes interesting reading - particularly the Commentary section at the beginning.  

The next step in the progress of the Bill through the House is the second reading which hopefully will be early in 2022.  We will keep members up to date with progress as information comes to hand.