Yes, the Patricia Holdings Home Unit Company is considered a special purpose company according to ASIC and is eligible for the reduced annual review fee.
The legal requirements for a special purpose not-for-profit company are set out in section 3(e) of the Corporations (Review Fees) Regulations 2003 under the Corporations Act 2001 (Cth). The regulations state that:
- the company is the proprietor of land on which a building divided into separate residential areas and areas for common use is erected;
- the members of the company are entitled, because of the shares they hold in the company, to the exclusive occupation of 1 or more of the residential areas and to use of the common areas; and
- the company only operates to facilitate and enforce the rights of company members in relation to exclusive occupation of the residential areas and to maintain the common areas.
The Patricia Holdings Home Unit Company complies with these regulations.