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According to Section 180(1)(g) of the Act (below) it’s seven years with a fine of up to $550 for not doing so.
(1) An owners corporation must cause the following to be retained for 7 years:
(a) any records, notices and orders required to be kept under this Division or Part 10 of the Strata Schemes Development Act 2015,
(b) minutes of meetings required to be kept under Schedule 1 or Schedule 2,
(c) its financial statements and accounting records,
(d) copies of correspondence received and sent by the owners corporation,
(e) notices of meetings of the owners corporation and its strata committee,
(f) proxies delivered to the owners corporation,
(g) voting papers relating to motions for resolutions by the owners corporation and to the election of officers or the establishment of a strata renewal committee (under Part 10 of the Strata Schemes Development Act 2015),
(h) a copy of any signed strata managing agent agreement or building manager agreement entered into by the owners corporation,
(i) records given to the owners corporation by the strata managing agent relating to the exercise of functions by the agent,
(j) any other documents prescribed by the regulations for the purposes of this section.
Maximum penalty: 5 penalty units.
(2) The regulations may prescribe a different period for which any or all of the things referred to in subsection (1) are required to be retained.
Thanks. I had read that section the legalese is sometimes confusing.
Indeed. It refers to the ‘election of officers’ but since there is no prescribed methodology for electing office-bearers but there is a very detailed description of how members of the committee must be nominated and elected – by writing the names on a blank piece of paper – it is reasonable to assume that this refers to the election of committee members.
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