The body corporate is given powers under the legislation to carry out its necessary duties. The body corporate:
•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, called by-laws, which tell owners and other people who live in the scheme 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
•manages and controls body corporate assets
•keeps records for the body corporate, including minutes of meetings, roll of owners details, financial accounts, registers of assets, improvements to common property by owners, engagements and authorisations.
The body corporate makes decisions about the above items and other issues at general meetings and through the committee.