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While many schemes have their financial year-end in February or June, it will vary from scheme to scheme. Regardless of the month in which the financial year falls, a body corporate must prepare an administrative budget for submission at the annual general meeting (AGM). To do this, the trustees must plan to allow themselves the time to put together an...

Bodies corporate are legal entities that can institute or face legal action. Trustees are appointed to act on behalf of a body corporate and like company directors, trustees are required to perform their duties and functions diligently within the confines of the governing sectional title laws. Various written resolutions are required in terms of the Sectional Titles Schemes Management Act (STSMA)...