Owners Corporation - What is it?

Discussion in 'Rules; Notices; Fees; Meetings & Projects' started by John, Aug 5, 2012.

  1. John

    John Co-Investor at 166 and forum administrator Staff Member

    Owners Corporations (previously known as a "Body Corporate")

    I have had several people unsure what a "Body Corporate" or "Owners Corporation" actually is and does. 166 Wellington Parade, like all residential developments, operates an Owners Corporation. All owners are deemed to be members of the owners corporation. Here is a good summary of what a typical Owners Corporation does:

    The Owners Corporation through its committee and with the assistance of its professional manager undertakes the following:
    • Convening General and Committee meetings
    • Circulating information to residents.
    • Collecting and accounting for financial contributions and levies and any other monies paid to the Owners Corporation
    • Preparing Financial Statements and Budgets
    • Handling accounts payable
    • Arranging building and common property insurances
    • Liaising with owners and residents
    • Organising building maintenance and cleaning
    • Security, OH&S
    • Maintaining all essential services
    • Assisting with grievances between residents
    • Enforcement of Owners Corporation rules
    • Vigilance in maintaining safety /security/amenity/co-operation/respect with /for fellow residents.
    (from http://www.28tannerstreet.com/administration_1.html)

    166 Wellington Owners Corporation schedules an annual meeting for all members, usually in November.
  2. John

    John Co-Investor at 166 and forum administrator Staff Member

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