Sectional Titles Schemes Management Act, 2011 (Act No. 8 of 2011)RegulationsSectional Titles Schemes Management Regulations, 2016AnnexuresAnnexure 1 : Management rulesPart 5 : Financial Management22. Maintenance, repair and replacement plan |
| (1) | A body corporate or trustees must prepare a written maintenance, repair and replacement plan for the common property, setting out— |
| (a) | the major capital items expected to require maintenance, repair and replacement within the next 10 years; |
| (b) | the present condition or state of repair of those items; |
| (c) | the time when those items or components of those items will need to be maintained, repaired or replaced; |
| (d) | the estimated cost of the maintenance, repair and replacement of those items or components; |
| (e) | the expected life of those items or components once maintained, repaired or replaced; and |
| (f) | any other information the body corporate considers relevant. |
| (2) | The annual contribution to the reserve fund for the maintenance, repair or replacement of each of the major capital items must be determined according to the following formula: [(estimated cost minus past contribution) divided by expected life]. |
| (3) | A maintenance, repair and replacement plan takes effect on its approval by the members in general meeting; provided that on approval of such a plan, members may lay down conditions for the payment of money from the reserve fund. |
| (4) | The trustees must report the extent to which the approved maintenance, repair and replacement plan has been implemented to each annual general meeting. |