Proposed Changes to Strata Law
May 17th 2011, was the closing date for the most recent stage of the consultation process for the reform of the Strata Title Law in the Cayman Islands. Based on a request in July 2006 to the Law Reform Commission to reform the current Strata Title (Registration) Law (2005) Revision, the public were invited to provide their comments, in which a wide range of issues were identified, primarily in the management and regulation of strata schemes.
One of the most significant changes for strata owners falls under Section 23(4) of the proposed bill which requires all un-exempted Stratas to undertake an audit of their financial accounts prior to presentation at an Annual General Meeting. This will have cost implications for each proprietor, and will particularly impact those Stratas already struggling with contribution collections.
For more information on the proposed Strata Title Registration (Amendment) Bill, 2011 contact Stewart T. Connelly – Partner at Charterland by email at:
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