Strata Law Reform Comments Invited
Reform of the Strata Titles Registration Law (2005 Revision)
The Law Reform Commission submits for public comment a discussion paper identifying issues to be considered in the proposed reform of the management of strata schemes and the termination and variation of those schemes.
In January 2009 members of the public were invited by the Law Reform Commission to submit their comments on any aspect of the regulation of strata on the Islands or to highlight any issues or problems which have arisen in this area of the law. Most responses indicated that there were problems in the management of strata schemes and that there was insufficient regulation of the termination of strata schemes. The Commission has decided to deal with these matters first while it continues consultation on the reform of the creation of strata schemes and regulation of the staged development of schemes.
Matters discussed in the paper and provided for in the Bill include-
- duties of corporations;
- preparation and auditing of financial statements;
- levy of contributions on proprietors;
- bye-laws including bye-laws granting exclusive use of common property;
- regulation of executive committees;
- regulation of meetings; and
- insurance, including insurance deductibles.
The discussion paper and draft bill are available on www.gov.ky; look on the home page under Features.
The Commission also invites suggestions on the outstanding issues identified in the paper. Comments should be submitted in writing by 17th May, 2011 to the Director of the Law Reform Commission, 3rd Floor Anderson Square c/o Government Administration Building or sent by e-mail to Cheryl.Neblett@gov.ky.