FAQs

Q?

What are Regulations?

A.

A body corporate has a set of Regulations it is governed by.

To determine what regulations your Body Corporate is governed by please check you Registered Confirmation Statement (RCS) issued by DNRM (Titles Office).

Current Regulations are as follows:

  • Two Lot Module – Duplex
  • Small Schemes – 2 - 6 lots
  • Standard Scheme – 2 – 1000 (upwards)
  • Accommodation – buildings that are predominantly accommodation (resorts)
  • Commercial

Q?

What is a Body Corporate?

A.

A body corporate is a legal entity created when land is subdivided and registered under the Land Title Act 1994 to establish a community titles scheme.

Owners do not have a choice as to whether or not they will be a body corporate member.  Every owner of a lot in a community titles scheme is automatically a member of the body corporate.

Q?

What is the role of a Body Corporate Manager?

A.

The Body Corporate Manager is engaged to supply administrative services to the Body Corporate.  Usually the Body Corporate Manager is authorised to exercise the powers of the Secretary and Treasurer.

 

These services may include:

Secretarial

  • Convene and attend the Annual General Meeting (AGM)
  • Call nominations for the position of executive and ordinary members of the Committee.
  • Prepare and distribute the notice of AGM and ancillary documentation.
  • Record and distribute minutes of AGM.

 

Financial

  • Open, maintain and operate a bank account for the administrative fund and the sinking fund.
  • Prepare a statement of accounts for each financial year.
  • Prepare a draft budget for each financial year.
  • Issue contribution (levy) notices to lot owners for payment.
  • Receipt and bank levies.
  • Process and pay accounts.
  • Prepare financial records and statements as required by the regulations.

Administrative

  • Pay insurance premiums and organise renewal quotations.
  • Lodge insurance claims when necessary
  • Obtain new Insurance Valuation every 5 years as per BCCM ACT
  • Establish and maintain the roll and registers
  • Maintain and keep records
  • Make available the records for inspection by Search Agents
  • Organise Maintenance of the Common Property, if required

.

Q?

What is an Administration Agreement?

A.

An Administration Agreement provides for the engagement of a Body Corporate Manager by a Body Corporate.

The Administration Agreement must state the term of the engagement, the functions authorised to be carried out and the basis on which payment is determined.

A Body Corporate Manager can be appointed for either a 1 year term, a 3 year term or a 1 year term that rolls over each year for a maximum of 3 years unless an owner/committee submit a motion to appoint a new Body Corporate Manager.

Q?

What is an Annual General Meeting (AGM) & how often are they held?

A.

An AGM is a meeting where owners consider the financial position and direction of the Body Corporate and elect the committee for the next year.   The AGM must be held within three months after the financial year end of the Body Corporate.

Q?

When is the Financial Year End of the Body Corporate ?

A.

The financial year for a Body Corporate is not necessarily the 1st July to the 30th June.

The financial year is determined upon the date of registration of the Body Corporate.  This is also dependent on whether the Body Corporate was registered prior to the commencement of the BCCM ACT 1997 or after.

Q?

Who is responsible for Maintenance of the Common Property?

A.

The Body Corporate is responsible to maintain the common property in good condition.

The survey plans of a Body Corporate show the boundaries of the common property and the lots in that scheme.

Q?

What are By-Laws?

A.

By-Laws are a set of rules for a Body Corporate that regulate a variety of matters including the keeping of pets, noise and parking on common property (to name a few).

Owners should receive a copy of the by-laws when purchasing a Unit and the owner must issue these to their Real Estate Agent if renting out the unit.