What are the principal powers and obligations of an owners corporation?
* To establish property management and maintenance funds based on contributions known as levies which are calculated according to unit entitlements. (Each lot owner has a unit entitlement which determines his or her interest in the common property and on which the amount of levy is based); * To employ persons to administer, control or perform work on the building and common property; * To enforce the by-laws and to sue for any damage caused to the building and common property; * To add to or amend certain by-laws; * To make provision for insurance against fire, and to take out other insurances required by law, for instance, workers compensation and public liability insurance; * To maintain the building and common property in good order; * To hold annual general meetings of members; * To keep minutes of meetings and prepare accounts; * To record details of the ownership and occupancy of lots in a strata roll; * To provide information to owners and mortgagees about the strata scheme.
