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The trustees must resolve to levy owners with contributions to fund the body corporate’s administrative and reserve funds and recover from the holders of exclusive use rights its costs incurred in maintaining and repairing exclusive use areas. Annual/general levies must be based on the budgets approved by owners at the annual general meeting.
Trustees can resolve to charge interest on any overdue amount payable to the body corporate, but the interest rate cannot exceed the maximum rate of interest payable per annum under the National Credit Act, compounded monthly in arrear.
Members must be given notice of their liability for contributions and charges within 14 days of approval of the budgets in a notice that: (a) states the obligation to pay specified amounts; (b) specifies the payment due dates; (c) states any interest rate applicable to overdue payments; and (d) includes details of the relevant dispute resolution process.
Law: Sections 3(1)(c) and (f), 3(2) of the STSM Act and PMR 21(3)(a) and (c) and 25(1).
This form can be signed by any authorised trustee or agent.