The first trustee meeting following an AGM is an excellent time to ensure the important resolutions listed below are recorded, in place and aware to all the trustees. Valid resolutions should be signed by at least 2 trustees and placed in a minute book for safe and accessible record keeping. An electronic document management archive is also highly recommended for important sectional title legal and governance documentation.
- Resolution recording levies are due by the 1st of each month in advance
- Interest resolution stipulating the applicable interest rate charged on arrear levies (interest on arrear levies accrues to the body corporate)
- Handover resolution: standing instruction for the managing agent to hand over arrear levy accounts typically after 2 months in arrears
- Resolution stipulating the pro rata levy payment responsibilities in the event a unit is sold during the financial year
The trustees should review for awareness to achieve a common understanding any other resolutions which apply to the body corporate for which they will be accountable for implementation.