Wellington Lawyers: Recent Changes To Unit Titles Legislation

WELLINGTON, New Zealand - Aug. 7, 2024 - PRLog -- The final amendments to the Unit Titles legislation, under the Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act 2022, came into force on May 9, 2024. Below, we outline the most significant changes.

Long-Term Maintenance Plans

Extended Duration:

Body Corporates with 10 or more units must now have a long-term maintenance plan covering 30 years, up from the previous requirement of 10 years. These plans must still be reviewed every three years.

Additional Information:

The plans must now include a summary of the current state of the common property and the sources of funding for the maintenance.

Notice of Meetings

Notices for annual general meetings and extraordinary meetings must now include information on how unit owners can attend the meeting remotely and provide details for electronic voting.

Electronic Voting

Body Corporates must take reasonable steps to enable eligible voters to vote electronically and verify the identity of those casting electronic votes. Electronic votes must be cast as specified in the meeting notice and be available from the last day the notice could have been issued.

Rules for Electronic Voting:

– If a motion is materially amended at a meeting, electronic votes cast before the amendment must not be counted, but they still count towards the quorum.

– If a meeting is adjourned, electronic votes remain valid unless the voter attends the reconvened meeting in person or by proxy.

Retention of Documents

Body Corporates and their managers must retain prescribed documents (or copies) for at least three years and produce them to the Regulator (MBIE) upon request. The prescribed documents include:

– Bank statements for Body Corporate accounts

– Financial statements and audit reports

– Valuation reports related to ownership interests

– Completed copies of forms 3 to 7 of Schedule 2 related to the unit title development

– Documents on levies imposed and paid

– Long-term maintenance plans

– Remediation and earthquake-prone reports

– Notices for entry for repairs or maintenance

– Registers of unit owners and previous versions

– Notices, agendas, and minutes of Body Corporate and Committee meetings

– Contact details of key Body Corporate personnel

– Notices of designated resolutions and delegations

– Insurance policy details

– Documents filed in legal proceedings involving the Body Corporate

– Agreements for Body Corporate managers

– Operational rules and previous versions

– Current warranties for common property and assets

– Notices of resolutions without a general meeting

– Interests registers for Body Corporate and Committee

– Service contracts entered by the Body Corporate

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