BODY CORPORATE MANAGEMENT
What is a Body Corporate?
A body corporate is a legal entity created when land is subdivided and registered to establish a community titles scheme. The scheme can be a duplex, a residential unit block, a high rise accommodation complex, a shopping complex. Every owner of a lot in a community titles scheme is automatically a member of the body corporate. Owners do not have a choice as to whether or not they will be a member of the body corporate. (Body Corporate and Community Management Act 1997)
It is a requirement that each body corporate be registered as a Community Titles Scheme.
Certain functions must be carried out as a corporate body.
Some of these include:
Arrangement for insurance of the building and common areas
Maintenance organised for common property
Meetings called in accordance with the ACT
Budgets set for the financial year
Preparation of audits, tax returns and insurance claims if required
Upkeep of accounts
It is critical to hire an experienced Body Corporate Manager and a reputable organisation that is a member of the Strata Community Association. This will aid you with these daily responsibilities as well as guide and advise you to ensure you comply with the Community Management Act 1997 obligations.
The role of the Body Corporate Committee:
A committee is chosen by the owners to handle the day-to-day administration of the body corporate. All community titles schemes must have a committee. The committee is usually elected at the Annual General Meeting.
The role of the Body Corporate Manager:
The body corporate manager is generally engaged to do particular administrative activities in order to ensure that the community titles scheme is run in line with the Body Corporate and Community Management Act (Qld) 1997 and other applicable legislation. Their major goal is to guarantee that the scheme is managed efficiently on behalf of all owners.
A body corporate manager is frequently the secretary of the body corporate committee. They will determine the dates for committee meetings, the annual general meeting, and exceptional meetings in collaboration with the chosen Chairperson, and will prepare meeting papers such as agendas, minutes, and financial reports.
The body corporate manager will follow the body corporate committee's specific directions. In some instances, the body corporate committee may delegate some of its authority to the manager so that routine matters such as electricity bills can be paid by their due date.