ROLE OF THE OWNERS CORPORATION
In the ACT, the terms are generally interchangeable when speaking about Body Corporate, Strata, etc. In the ACT, the correct term is Owners Corporation.
The role of an Owners Corporation in the ACT is to administer common property and common for the benefit of all of the unit owners, and to undertake functions required under the Unit Titles (Management) Act 2011.
What is an Owners Corporation?
An Owners Corporation is a legal entity which is created when land is subdivided and registered to establish a Units Plan. All of the unit owners in a Units Plan are automatically members of the Owners Corporation when they buy their unit.
A Units Plan allows you to privately own an area of land or part of a building, as well as share common property and facilities with other owners and occupiers.
An Owners Corporation is made up of 2 or more units, so it could be a:
residential unit block
high rise residential building
business park or commercial offices.
The ACT has more than 4,200 registered Units Plans with a total of over 45,000 individual Units.
What an Owners Corporation does?
The Owners Corporation is given powers under the legislation to carry out its necessary duties.
The Owners Corporation:
maintains, manages and controls the common property on behalf of owners
decides the amounts to be paid by the owners to make sure the body corporate can operate
makes and enforces its own Rules, which tell owners and other people who live in the Units Plan what they can and cannot do
takes out insurance on behalf of owners, such as public risk insurance over the common property and building insurance for common property
manages and controls Owners Corporation assets
keeps records for the body corporate, including minutes of meetings, roll of owners details (Corporate Register), financial accounts, registers of assets, improvements to common property by owners, engagements and authorisations.
The Owners Corporation makes decisions about these and other things at general meetings and through the Executive Committee.
If you would like any further information on any of the above, please contact us.