The start date for the new Unit Titles Act draws ever closer but remains unknown. We are still waiting on regulations that are needed to make the Act workable. The NZ Law Society was recently involved in discussions with the Department of Building and Housing regarding just what the regulations will say. Those discussions are confidential but there is a cabinet paper that outlines the scope of the regulations. You can read that full minute in this Cabinet paper.
In a nutshell it seems to come down to :
- what will be in the disclosure statements the act requires,
- what will be in the default body corporate rules,
- how the body corporate is to be governed,
- getting rid of on-going proxy votes,
- prescribed restrictions on spending that isn’t budgeted,
- how bodies corporate will sign documents,
- minimum financial standards,
- the principles of long term maintenance plans.