Multi-Unit Development Act 2011 – 4 Years On
This is a part 1 of our Blog Series about Owner Management Companies (Management Companies). The Multi-Unit Development Act was enacted in April 2011 with the aim of addressing some of the historic issues that affected Owner Management Companies in the past. Whether the Act has overcome all of these issues is a matter of opinion but it cannot be denied that it has improved the situation in general. For OMC’s, their directors and members the Act has provided a more structured set of requirements that they are required to follow.
Benefits Of The ActFrom what we have seen the Act has assisted in areas such as:
- Approval of budgets;
- Setting up of sinking (building investment) funds, focusing members to look forward at future capital outgoings;
- Better communication between directors of OMC’s and members through the MUD Annual Report.