The Sectional Titles Schemes Management Act 8 of 2011 and the Community Schemes Ombud Service Act 9 of 2011 have changed the landscape of community scheme management. The important areas that are dealt with in these statutes are the following:
- Registration of schemes with the Ombud Service (30 days from 7/10/2016);
- Monthly levies to be paid to the Ombud by every unit (90 days from 7/10/2016);
- Annual returns to be filed by every scheme;
- Prescribed management and conduct rules;
- Specified amounts to be held in reserve funds;
- Audited financial statements;
- Maintenance plan drawn and lodged annually;
- Dispute resolution procedures;
- Voting rights and resolutions;
- Duties and liability of managing agents;
- Insurance compliance
- Fidelity insurance;
- Clearance certificates;
- Penalties and interest.