The need to professionalise the strata or building management through more flexibility, efficiencies, accountability and alignment with modern technology was finally put into action with the recent announcement of a new Strata Schemes Management Act 2015 which came into effect from 30 November 2016.
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A strata building, where repairs and maintenance are uneconomical, can be sold or redeveloped. The new Strata Schemes Development Act 2015 has a process to allow collective sale or redevelopment of a property.
New legislation requires a review of by-laws by the owners corporation. Owners corporations are required to keep a consolidated set of by-laws. These by-laws should be relevant to the needs and requirements of both owners and tenants.
The capital works fund (previously known as the sinking fund) covers the renewal or replacement of existing common property and the addition or acquisition of new common property. Without a capital works fund, the owners at the time will have to cover the full cost, often by raising a special levy.