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ib business management hl notes
IB BUSINESS MANAGEMENT HL

Should The Company ‘X’ Upgrade Its Software To Solve Their Problem Of Archive Space?

UPDATED ON - 06 MAY 2020
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Contents:

 

Introduction

Research Question

Should the company ‘x’ upgrade its software?   

 

Subsequent Questions

    •     What software options does the company have?
    •     What is the cost of purchasing the new software?
    •     What are the reasons for investing in this software?
    •     Is the cost of the new software and its operation lower than the costs of the company’s current methods?
    •     What are the sources of finance?

 

Aim

The aim of this report is to analyze the research question proposed. This report will provide an analysis of the current methods being utilized by the company, alternative options and a suggested decision for the company to make.

        Business Objectives
        •     To help the business solve the problem of archive space
        •     To provide the business with two alternatives to choose from

        Personal Objectives

        •     To provide my sponsor with useful information
        •     To gain a better understanding of how the business operates

 

Company Background

Ace Body Corporate is a franchise that specializes in the management of Bodies Corporate. The franchise has been running for over ten years and has offices throughout Australia, as well as overseas. Ramy RJV Investments is a private limited company trading as Ace Brisbane, which is a franchisee of Ace Body Corporate. It has been running for over three years with the owner’s primary aim is to provide professional, honest and personal service to members of the Body Corporate. The franchisee is a home run business and operates five days a week. The primary endeavour of the body corporate manager is to supply administrative services to the body corporate. These services can be split into three categories1: Secretarial duties, financial responsibilities and administrative responsibilities including maintaining roles and registers, ensuring the decisions of the body corporate are carried out and making the records available for inspection.

 

Theoretical Proposal

To investigate the problem should Company ‘X’ upgrade their software, I will be using a SWOT analysis (Module 1.3) to determine the current position of the business in regards to their archive space and storage and financial situation. I will also be constructing a cost-benefit analysis to distinguish between the two software and determine which software is more suitable in terms of the company’s requirements and their financial status.

 

Research       

 What options does the company have in terms of different types of software?

Two major software options available to Company ‘X’ include a Stratamatic and Microsoft package or a StrataMax BCMax package. As Company ‘X’ is currently using the Stratamatic and Microsoft package, I will be researching the BCMax option to determine whether it is more efficient, user-friendly and cost-effective.

         

What are the reasons for investing in this software?

The reason for Company ‘X’ wishing to invest in a new software package is that the current archive storage situation is disastrous. Being a home run business the shelves and cupboards filled with archives are invading the owner’s personal storage space. As technology has advanced rapidly in today’s society I will be researching two types of software Company ‘X’ could use to help them store hard documents to help decrease the amount of storage space being taken up by archive.

        

What is the cost of purchasing the new software?

The annual subscription and operating fee of purchasing the new software will be approximately $11.00 per lot per annum (+GST) 2. Company ‘X’ means that they will pay approximately $3300 per annum. However, this amount will not impede the companies finances as it can be charged directly to the lots as a service expense.

         

Are the cost of the new software and its operation cost lower than the costs of the company’s current methods?

The cost of the package currently being utilized by Company ‘X’ was approximately $10 000 and the operational cost being approximately $750 per year. This can be deduced as relatively higher than the cost of the new software considering the effectiveness of the two software and the initial $10000 of the existing software.

         

What are the sources of finance?

In terms of investing in new software, Company ‘X’ is most comfortable with a bank loan as its source of finance. The company would consider the sale of assets however it is so small that they are unable to find an asset that is worth selling. Company ‘X’ would also consider a bank overdraft, however, they are more comfortable with bank loans as they have dealt with them before.

 

Results and Findings         

Primary Research

The information for primary research was retrieved through an interview with the owner of Company ‘X’3 and with the owner of Company ‘ Y’4. The owner of Company ‘Y’ was relevant in helping me achieve this task as Company ‘Y’ was part of Company ‘X’ until its owner bought it off Company ‘X’.

From the interview with the owner of Company ‘X’, it was deduced that the company wishes to invest in new, more advanced software in order to decrease the owner’s dependability on staff, decrease archive storage and increase the efficiency of the business overall. The owner informed me that the current package being used consists of Stratamatic and Microsoft which allows her to perform major errands. Compared to programs available today these programs are ineffective. The setup cost of this package was approximately $10 000, the operational cost is about $750 per year. It is in the interest of the company that I find a software that fits their financial status and body corporate requirements.

From interviewing the owner of Company ‘Y’ it was determined that there are some inefficiencies with Company ‘X’s filing. The owner of Company ‘Y’ offered some advice on reducing archive space manually however this is time-consuming and would need to be repeated every two to three years.

 

Secondary Research      

Stratamatic and Microsoft Package

Research is undertaken on the Stratamatic and Microsoft Package determined that this software is acceptable for Company ‘X’ however the package is lacking time-saving features and requires a lot of manual labour even though it is computer-based.

         

BCMax Package

The research was undertaken to determine the effectiveness and features offered by the BCMax software package. From the results obtained from this research, it was determined that the package could be compatible with Company ‘X’ as it offers time-saving features for major errands run by the body corporate is easy to learn and use and stores financial and other records within the requirements of various Acts. In addition, the cost of the package is within the company’s financial capabilities.

 

Analysis and Evaluation

S.W.O.T Analysis

From the SWOT Analysis7 conducted it can be determined that Company ‘X’s opportunities outweigh the companies threats however the strengths and weaknesses are balanced. With all these opportunities at hand Company, ‘X’ is bound to succeed, however updating the software used by the company may reduce the company’s weaknesses.

Cost-Benefit Analysis

  Stratamatic and
Microsoft Package
BCMax Package
Advantages - Already owned by
Company ‘X’
- Multi-user capabilities

- Designed by body
corporate managers
- Includes time-saving
features
- Stores financial records
which satisfy the Act.
- Features to assist in
general office work
- User-friendly

- Has various sub-
packages9

- Within companies
finances

Disadvantages - Unreliable service
- Manual backup
- Processing worded
documents are time
consuming
- Company ‘X’ still has to
invest in package
- Staff must be trained,
increase the companies
expenditure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conclusion and Recommendation

Company ‘X’ has recently taken interest in the investment of a new software package to improve efficiencies and reduce archive space.

 

Objectives

The business objectives set were both achieved as the problem was addressed successfully with two researched software for the company to choose from. The personal objectives were also achieved, as this report is based on sufficient and reliable data that will support my sponsor and helped me gain a better understanding of how the company operates.

Validity of Data

The majority of my data is compiled upon qualitative information, hence the quantitative information required is limited.

 

Conclusion
Two options were researched and analyzed for Company ‘X’. These included a Stratamatic and Microsoft Package and the BCMax Package. The Stratamatic and Microsoft Package is currently being utilized by Company ‘X’ and although being satisfactory for the company, some of the processes are still time-consuming and therefore it is beneficial for the company to research another package. From the SWOT and cost-benefit analysis’ it was determined that the investment of the BCMax package may reduce the companies weaknesses as it will increase the operational efficiency of the business.

Recommendations

Based on my investigation on this situation it is recommended that Company ‘X’ invests in BCMax for the following reasons:
    •     It consists of time-saving features
    •     Stores the financial records which satisfy the Act.
    •     User-friendly
    •     Within companies finances

Conversely, unanswered questions remaining are:

    •     What staff training will cost? Can the company afford this?
    •     How long will staff take to be accustomed to the new software?

 

Research Appendices

Company Services

    Secretarial Duties
    •     answering communications and correspondence
    •     organizing and attending meetings
    •     preparing and distributing meeting notices and minutes of the meetings

    

    Financial Responsibilities
    •     Operating bank accounts
    •     Issuing and receiving levy notices
    •     Processing and paying accounts
    •     Preparing statements of accounts
    •     Drafting budgets

    

    Administrative Responsibilities
    •     Maintaining roles and registers
    •     Ensuring the decisions of the body corporate and its the committee are carried out
    •     Making the records available for inspection

 

Interviews

        Owner of Company ‘X’
        When was ACE Brisbane first established?
  
      2004

       

        How many employees do you have? What are there key responsibilities?

        I currently have no employees, however, if I was to have one their key responsibilities would be filing and data entries.

        

        Which decisions are you currently making that I could investigate?

  •              Selling the business
  •              Running the business more efficiently by investing in more advanced software or manually organizing everything
  •              Grow business

        

        Why are you making these decisions?

  •              Saving paper for filing and notices
  •              Reduce archive space
  •              Saving costs of stamps and paper

       

         What data could you provide me with?        

  •              Book of Body Corporate Laws and Legislations

        

        How many body corporates do you own?        

        60 body corporates with approximately 300 lots in total

        

        How can I help you?            

        Research and investigate different software to determine which ones are more efficient and user-friendly.

        

        What software are you currently using?        

        Stratamatic for budgets, meeting notices and building data Microsoft word for meeting notices, levies and Microsoft excel for storing some financial data.

        

        Are you satisfied with the effectiveness of the software you are currently using?    

        The software I am currently using is relatively effective as it allows me to perform many of our daily errands such as meeting notices as well as long term  documents such as budgets. However, I am aware that other software in the current market will satisfy some of the disadvantages of the software.

        

        What are these disadvantages?

        The major disadvantage is manual backups. This requires time and therefore is not done regularly although it should be to secure data. The other        disadvantage is the service provided by the company that created this package. They are very unreliable and make getting work done efficiently, difficult.

        

        What is the operation cost of the current software you are utilizing?        

        The initial cost of the software was approximately $10 000 and the operation cost is about $750 a year.

        

        If I find a solution to your problem that requires funding, what sources of finance will you be accessible too?        

        Bank loan

 

        Owner of Company ‘Y’
        How successfully do you believe the running and the efficiency of ACE Brisbane is?

        This is a really difficult one to answer because I have not spent much time in the Brisbane office after the initial chaos of taking over the northern region.

        

When you bought part of the ACE Brisbane business did you find that the files were kept in an organized manner? If improvements were to be made to increase the efficiency of the business what would you recommend in terms of the organization of documents?

 

One by one I redid all the files that I received. With the exception of one building, I was able to condense the Working File and the Operating file into one file. This reduced the space I needed for files dramatically. I bought extra-wide dividers for each section, which made finding a specific section a lot quicker. In the accounts sections, I created a divider for each ledger item – eg Ground Maintenance, Management Fees & Reconciliations, Electricity, etc. While the actual filing of the invoices takes a little longer when you need to look for something or prepare an audit it is so much quicker.

 

Do you think it will be beneficial for Rieta to invest in software that will enable her to do more of her work on the computer as well as store documents?

While storing data electronically is a very attractive alternative, my concern is that technological advances might make it impossible to read certain electronic media in the future. There is the risk that if for example, you took over a new building and were handed some form of electronic version instead of the trusted old ‘box of papers’ that your system would not read what you were given.

 

Are there any other suggestions you have in mind that could benefit the efficiency of ACE Brisbane?

I have purchased a digital camera, and take photos of everything when I go to a building. I know that there is the thought that this could be a problem in terms of ‘the BCM saw something wrong and did nothing about it so let’s sue her”, but I have found that owners appreciate the fact that your go-to site, and love seeing the photo of their building in the front of the file when you open the file at a meeting. Below is just one of the benefits of this:

 

I have started issuing official work orders for everything. Most of my work goes to Josh, and he has commented that it is really good to have an official work order. If I need something done eg a drain repaired, or yellow lines painted to highlight a potential hazard, or a fence fixed, I email Josh the photo with the work order, and again he has said it is a great help for him.

 

The work order tracking system that is available on Strata was enabled me to print a follow-up list each week, and then things do not get forgotten. The more buildings we take on the less we will be able to rely on what is ‘in our heads’, so to maintain an efficient service, we need to get smart and put some checking procedures in place.

 

I also use outlook’s calendar for reminders and have found that this enables me to refile things and clear my desk, whereas in the past I kept files out on my desk until I have done what needed to be done. It was chaos because I could never find anything – most importantly my desk because it was constantly buried.

 

One last thing that I want to do is write procedure manuals. I know this sounds over the top for a small business like ours, but I am concerned that something happens to me – even if Rieta were to come in knowing all that she does, it would still be so much simpler if there were manuals in place. If I was laid up in the hospital or called to SA for some reason, manuals would enable Tim and the boys to hold the fort for some time.

 

SWOT Analysis

The SWOT analysis (Module 1.3) ‘is an analysis of the internal strengths and weaknesses and external threats and opportunities. The purpose of a SWOT analysis is to conduct a general and quick examination of the business's current position so that it can identify potential and likely directions in the future. SWOT analysis involves looking at the internal strengths and weaknesses of a business and the external opportunities and threats.

Hall, Dave, Rob Jones, and Carlo Raffo. Business Studies Third
Edition. Essex: Causeway Press Ltd, 2005.

 

 

Strengths
Family Business
• Profits are kept within the
business.
Home Run
• No rent or mortgage costs
Company has grown since its
establishment
Experienced Staff
Private Limited Company
• Unlimited liability

Weaknesses
Family Business
• Family feuds can be brought
into the business
Individually Run
• Time being spent on minor
errands rather than major
errands

 

 

Opportunities
Family business
• Could employ children which
would mean that the money
remains within the family and the
children are being been exposed to
work
Grow business
• Invest in more body corporates
Train and employ staff
• Reduce the risk of work accumulating
• Make growth of the business
easier to manage
Sell a portion of the franchise
• Instant capital can be gained and
the workload on the individual would
decrease
Sell franchise
Contacts with builders and property
developers
• The builders and property

developers can advertise
Company ‘X’ to the upcoming body
corporates.
• May have contacts with existing
body corporates that are seeking
management assistance

Threats
Clients and Market interest
• Owners of units and
apartments are taking
managerial errands into their
own hands. Company ‘X’ is at
risk of losing body corporates
and expanding the business
maybe restricted due to the
the decrease in body corporates
in need of outside management.
Bank Loan
• A liability and therefore until
it is paid off total revenue will
be limited.
Data Protection and Legal
Requirements10
• Limits how a company can be
run

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost-Benefit Analysis

Cost-benefit analysis is a technique that involves taking into account social costs and benefits when deciding on a course of action.

Hall, Dave, Rob Jones, and Carlo Raffo. Business Studies Third
Edition. Essex: Causeway Press Ltd, 2005.

 

BCMax Software Package

    •     Designed especially for body corporate managers by professional body corporate managers
    •     Includes many time-saving features
    •     Keeps financial records within requirements of various Acts.
    •     Features to assist in general office work
    •     Easily learn and quickly adaptable when legislation  changes

 

Time-Saving Features

    •     A person's name and details only need to be entered in once. Changes only need to be done once as well  automatically updates changes throughout the system
    •     Address copying facility for owners that own more than one unit in a building
    •     Short cut macros are provided to run the same program i.e levy printing
    •     Body Corporate Information certificates are complete when you print them (Only need to select the owner's name and the applicant and the rest is done by the system)
    •     No longer have to work through accounts to write cheques →  feature called ChequeMax → works alongside BCMax → reads balanced accounts and prints all cheques to be paid filled in→all it needs is signature!

The Maxsoft Group. 2005. 27 Mar. 2007.

 

Subdivisions of BCMax Package and their features

 

Subdivision of
Package
Features
EBMax – Electronic
Banking
• Decodes statement data
• Transaction matching
• Updates accounts
• Balances journals
• Bank reconciliations
• Prints bank statements
• Can be used with any bank that offers
electronic banking facilities
ChequeMax – Cheque
Printing System

• Designed for printing cheques from one or
more bank accounts at the same time
• Prints all bank account details (incl.
logos) just with a laser printer.
• ChequeMax cheques are accepted by all of

the major national and international banks
• Using ChequeMax in cohesion with BCMax
allows you to print invoices, levy and
arrears notices and statements with direct
deposit slips attached.
• ChequeMax needs to use special Magnetic
Ink Character Recognition toner when
printing cheques, however, ChequeMax has
these toner cartridges specially made so
they are cheaper than new cartridges.
• ChequeMax includes reporting features
and short-cut macro’s to speed up the
the operation for printing your company’s
cheques even more.
• Fully compatible with BCMax
• Operates on Windows ’95, ’98 or NT
version 3.5 upwards

DocMax – Document
Imagining and
Management System

• Document queuing, document distributing
and simple to use
• Allows documents to be scanned straight
on to database
• Documents can be stored and processed

• Most common file formats can be
processed (Microsoft Word, Image files
and Acrobat pdf)
• Provides fast and reliable access to
documents
• Optical character recognition
• Upload documents to the internet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The MaxSoft Group. 2005. 10 May. 2007.

Body Corporate Laws and Legislations
CHAPTER 5.6 BODY CORPORATE TO KEEP

 

REGISTERS, FINANCIAL AND OTHER DOCUMENTS

 

  Retain Regs
The Roll Keep 149(5)
All registers of the body corporate Keep 149(5)
A contract for more than 6 years Keep 149(5)(a)
A notice, which has ongoing
relevance
Keep 149(5)(b)
Important or ongoing
correspondence
Keep 149(5);
149(1)(h)
Document of ongoing relevance,
such as plans, drawings of
buildings
Keep 149(5)

The body corporate’s accounting
records

 

Keep 149(5)

The accounts and any audit
certificates

6 years 149(1)(a);
149(3)(a)

Public authority or government
orders

6 years 149(1)(b);
149(3)(e)
Adjudicator, Court or other orders. 6 years 149(1)(c);
149(3)(d)
Each insurance policy is taken out Keep 149(1)(d)
Contracts with body corporate
managers, service contractors or
letting agents, if –
a) less than 6 years
b) a longer period
6 years
The period
149(1)(e);
149(3)(f);
149(5)

Reports were given by a body corporate
manger appointed if there is no
committee

6 years 149(1)(k);
149(3)(g)
Details of exclusive use rights Keep 149(1)(f);
149(5)
Authorizations to use common
property, if
a) less than 6 years
b) a longer period
6 years
The period
149(1)(g);
149(3)(f);
149(5)
Other contracts of no ongoing
relevance
6 years 149(3)(f)

Any reconciliation statement for
the administrative fund, sinking
the fund, financial institution
statement and invoices

2 years 149(1)(l);
149(4)
Correspondence of a general 2 years 149(1)(h);
nature   149(4)(b)

Details of any major repairs,
installation on common property

6 years 149(3)(c)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GENERAL MEETING RECORDS AND VOTING RESULT

 

  Retain Regs

Associated general meeting
material, being --

  148

a) Notices calling for nominations
for committee positions

2 years 149(4)(a)

b) Notices by owners requesting
general meetings

2 years 149(4)(a)

c) Notices of meetings, including
agendas, written voting papers,
ballot-papers, secret voting
documentation, budgets,
statements of accounts,
certificates of auditors, tender
documents and other attachments
accompanying notices.

6 years 149(3)(b);
149(4)(a)

d) Notices of motion received,

including explanatory notes for motions

2 years 149(4)(a)

e) Nominations for election as a
committee member

2 years 149(4)(a)
f) Proxy appointment documents 2 years 149(4)(a)

g) Completed voting papers
(including ballot-papers and secret
voting documents) for motions
and election ballots

2 years 149(4)(a)

h) Voting tally sheets or other
records showing votes for motions
and election ballots.

2 years 149(4)(a)

 

i) Notices of objection by lot
owners to meeting locations

2 years 149(4)(a)

j) Copies of instruments, notices,
and powers of attorney given to
the body corporate under Regs
49, 49A or 50

2 years 149(4)(a)
Minutes of general meetings Keep 149(1)(j);
149(5)

Any document of the current
relevance to the scheme

Keep 149(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

• RECORDS ABOUT VOTING RESULTS AT GENERAL MEETINGS

The minutes or the voting tally-sheet must state for each motion voted, the votes for, against, abstained –Reg 56(3);(4)(d) The records must show by lot, any vote rejected, the reason, and the votes for, against or an abstention from voting on the motion –Reg 56(4)(c)

 

3.COMMITTEE BALLOTS AND MEETING RECORDS

• COMMITTEE BALLOTS

For open committee ballots, details must be kept of any votes rejected as informal by lot number, the reason for being rejected, and the total votes for each candidate –Reg 23(4)

For secret committee ballots, details must be kept by lots of any vote rejected before the enclosing ballot-paper envelopes were opened or rejected as informal before removal from the ballot- paper envelopes, the reason for being rejected, and the total votes for each candidate –Reg 23(5)

 

COMMITTEE MEETING MATERIAL

 

 

  Retain Reg
Associated committee meeting   148
material, being --    

a) Notices of meetings, including
agendas, attachments

6 years 149(3)(b)
149(4)(a)

b) Committee member proxy
appointment documents

2 years 149(4)(a)

c) Notices for resolutions to be
passed other than at a meeting,
and the responses of the committee
members

2 years 35; 149(4)(a)

d) Notices of resolutions either
sent to owners or exhibited on the
noticeboard, if the notices are
given other than in the minutes of
the relevant committee meeting

2 years 37(1);
149(4)(a)

e) Notices opposing committee
resolutions

2 years 37(3);
149(4)(a)

f) Notices of resignation by
committee members

2 years 149(4)(a)

g) Written agreements of
committee members reducing the
the notice period for committee
meetings

2 years 149(4)(a)
Minutes of committee meetings Keep 149(1)(l);
149(5)

Notices for committee resolutions
to be passed other than at a
the meeting, and the responses of the
committee members

Keep 149(1)(m);
149(5)

Any document having current
relevance to the scheme

Keep 149(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHAPTER 6.5         CODES OF CONDUCT

The codes apply to the performance of a body corporate manager, a caretaking service contractor and letting agent for the scheme – Sec 118, Sch 2 and Sch 3. The provisions of the code:

    •     are taken to be included in terms of the contract for engagement;
    •     prevail over the terms of the contract; and
    •     for existing contracts, the provisions only apply for things done or omitted to be done by the person after 4 March 2003.

 

SCHEDULE 2

CODE OF CONDUCT FOR BODY CORPORATE MANAGERS
AND CARETAKING SERVICE CONTRACTORS

 

 

1 Knowledge of Act, including code

A body corporate manager or caretaking service contractor must
have a good working knowledge and understanding of this Act,
including this code of conduct, relevant to the person’s functions.

2 Honesty, fairness, and professionalism

A body corporate manager or caretaking service contractor must act
honestly, fairly and professionally in performing the person’s
functions under a person’s engagement.

3 Skill, care and diligence

A body corporate manager or caretaking service contractor must
exercise reasonable skill, care, and diligence in performing the
person’s functions under a person’s engagement.

4 Acting in the body corporate’s best interests

A body corporate manager or caretaking service contractor must act
in the body corporate’s best interest unless it is unlawful to do so.

5 Keeping body corporate informed of developments

A body corporate manager or caretaking service contractor must
keep the body corporate informed of any significant development or
the issue about an activity performed for the body corporate

6 Ensuring employees comply with the Act and code

A body corporate manager or caretaking service contractor must
take reasonable steps to ensure an employee of the person
complies with this Act, including this code, in performing the
person’s functions under the person’s engagement.

7 Fraudulent or misleading conduct

A body corporate manager or caretaking service contractor must
not engage in fraudulent or misleading conduct in performing the
person’s functions under the person’s engagement.

8 Unconscionable conduct

A body corporate manager or caretaking service contractor must
not engage in unconscionable conduct in performing the person’s
functions under the person’s engagement

9 Conflict of duty or interest

A body corporate manager or caretaking service contractor for a
community titles scheme (the first scheme) must not accept an
engagement for another community titles scheme if doing so will
place the person’s duty or interests for the first scheme in conflict
with the person’s duty or interests for the other scheme

10 Goods and services to be supplied at competitive prices

A body corporate manager or caretaking service contractor must
take reasonable steps to ensure goods and services the person 

obtains for or supplies to the body corporate are obtained or
supplied at competitive prices

11 Body corporate manager to demonstrate keeping of particular records

If a body corporate or its committee requests, in writing, the body
corporate manager to show that the manager has kept the body
corporate records as required under this Act, the manager must
comply with the request within the reasonable period stated in the
request.

 

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