Section 31
Section 31
(1)
The strata corporation shall also —
(a)
establish and maintain a fund or funds for administrative expenses sufficient in the opinion of the strata corporation for the control, management and administration of the common property including the repaid and replacement where necessary of mechanical services such as lifts, air conditioning and fire safety systems and for the payment of any insurance premiums, rent and repairs and the discharge of any other obligations of the strata corporation;
(b)
determine the service charges to be levied for the purposes set out in paragraph (a);
(c)
raise amounts so determined by levying the service charges on the proprietors in proportion to the unit entitlement of their respective units.
(2)
The strata corporation may distribute any money or personal property in its possession and surplus to its current requirements among the proprietors for the time being according to their unit entitlements.
Land Code (Strata)
(3)
For the purposes of effecting any policy of insurance under the provisions of section 30, the strata corporation shall be deemed to have an insurable interest in all the buildings and other improvements on the land.
(4)
Any policy of insurance authorised by this section and effected by the strata corporation in respect of any buildings or other improvements on the land shall not be liable to be brought into contribution with any other policy, except another policy authorised by this section in respect of the same building or improvements.
General powers of strata corporation.