22. (1) A body corporate 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
(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]. Click to See more
(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.
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STAATSKOERANT, 2 OKTOBER 2015 No. 39247 75