Bank account to run a complex

Questions about living in properties with shared/common facilities
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digit
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Joined: 20 Jun 2016 15:04

Bank account to run a complex

Post by digit » 03 May 2018 22:30

I wonder if you have a suggestion for the following problem. We are an unofficial management committee and with over 50% of owners missing and uncontactable it would appear to be difficult to form a registered committee. Up until now we have used a bank account with a couple of names on it to run things but the bank is now refusing to let that continue. How do we achieve banking from now on?



Nigel Howarth
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Re: Bank account to run a complex

Post by Nigel Howarth » 04 May 2018 09:13

Hi digit

You need to set up a 'proper' management committee as described in the law - and make sure you minute meetings, etc.

Then get a rubber stamp made with the name of the committee and use it to stamp all minutes, letters, etc that the committee creates.

There are ways around the problem of owners being uncontactable - the law has details.

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digit
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Re: Bank account to run a complex

Post by digit » 04 May 2018 13:43

Hi Nigel,
Thank you for your response. I assume that the item 38V of the law would enable a committee to be set up but wouldn't its hands then be tied by the rest of the law asking for 75% agreement on many things plus the impossiblity of holding legal meetings. Most owners are based abroad and may make a one week visit possibly to coincide with a meeting but without a qurom (which would never happen) we could not convene a meeting the following week as the law requires. Everyone would have departed.



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Re: Bank account to run a complex

Post by Nigel Howarth » 04 May 2018 19:47

Hi digit

The law allows you to overcome the problem of lack of attendance:

20. Unless otherwise provided by this Law or the Regulations, no business shall take place at any general meeting if there is no quorum of the persons who are entitled to vote at the time when the meetings deals with the business. There is quorum if there are present, in person or by proxy, fifty per cent (50%) of the owners of the jointly-owned property as shown in section 38I of the Law and in Table A which is attached to these Regulations.

21. If there is no quorum half an hour after the time set for the general meeting, the meeting is postponed for the same day the following week, at the same place and time. If (there) is also no quorum at this general meeting half an hour after the time set for the general meeting, the persons who are present and entitled to vote constitute a quorum.

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digit
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Re: Bank account to run a complex

Post by digit » 05 May 2018 13:34

Hi Nigel,
Yes I did read that thank you but again we would be stumped. You are supposed to have the next meeting the following week but no one is ever on site for more than a week so it wouldn't be possible in strictly legal terms. Many thanks again for your input. No doubt we will find a work around somehow.



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Re: Bank account to run a complex

Post by Nigel Howarth » 05 May 2018 15:11

Non-resident owners can have a proxy vote.

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J B
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Re: Bank account to run a complex

Post by J B » 15 May 2018 11:44

digit wrote:
03 May 2018 22:30
I wonder if you have a suggestion for the following problem. We are an unofficial management committee and with over 50% of owners missing and uncontactable it would appear to be difficult to form a registered committee. Up until now we have used a bank account with a couple of names on it to run things but the bank is now refusing to let that continue. How do we achieve banking from now on?
I'm chairman of our residents association.
We are only ten houses and 9 are easily contactable.
What we did was to compose a letter thus
<<I A ...
of Passport No ….................
am the owner of T.... J.....-House B
P.......... 27, Tala, 8577, Paphos.
I confirm that, although I was unable to attend the resident's meeting on 15th October 2012, I am in full agreement of ALL of the motions passed.
I have read and understood the 'General Agreement for all Town-House Owners' made on 1st February 2013 and agree to abide by the terms, conditions and provisions of this agreement.
Yours sincerely, >>


Once we had this and a rubber stamp, we were able to open an account with B of C .......... but, this was in 2012!!

PS - we tried to 'register' the committee, but the Paphos Land Registry said it 'was not possible'! :roll:


--
J B

Nigel Howarth
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Re: Bank account to run a complex

Post by Nigel Howarth » 15 May 2018 18:56

J B wrote:
15 May 2018 11:44
PS - we tried to 'register' the committee, but the Paphos Land Registry said it 'was not possible'! :roll:
There is no need to register a Management Committee.

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morgane
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Re: Bank account to run a complex

Post by morgane » 25 Aug 2018 17:15

We too attempted to register our management committee with the Land Registry and they told us that they no longer register committees. However when we attempted to open a bank account for the management committee the bank insisted that we must register,
Interesting this week when meeting with the Municipality over the issue of swiimming pool licence they too insist that a committe must be registered.
They insist that the law makes it clear that a management committee must be registered with Land Registry
Regards
Eoin



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Re: Bank account to run a complex

Post by Nigel Howarth » 26 Aug 2018 10:21

Hi Eoin

I suggest you ask the Municipality for the law that requires Management Committees to be registered. Or ask the Land Registry to speak with the Municipality to set them straight.

The only thing that needs to be registered with the Land Registry are the Regulations IF THEY HAVE BEEN CHANGED from the standard Regulations contained in the law.

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Nigel Howarth
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