WHAT IS THE BODY CORPORATE?
WHAT IS THE BODY CORPORATE?
The body corporate comes into existence as soon as the developer of the scheme transfers a unit to a new owner. From then on, every purchaser becomes a member of the body corporate when transfer of his or her unit is registered. All registered owners of units in a scheme are members of the body corporate. The body corporate controls and runs the scheme in accordance with the requirements of the Act and rules.
Day-to-day administration of the scheme is vested in Trustees who are appointed by the body corporate. Major decisions regarding the scheme are made by the body corporate, usually at the Annual General Meeting (AGM), or at a Special General Meeting. At these meetings, matters that affect the scheme are discussed. Budgets are approved, rules can be changed, and trustees are appointed, often accompanied by lively discussion.
Every member of the body corporate is entitled to vote at these meetings, providing that the member is not in arrears with his or her levy payments or in serious breach of the conduct rules. Members in default can only vote for Special or Unanimous Resolutions. Unless otherwise determined by the developer at the time that the register was opened, or subsequently by the body corporate by means of a special resolution, an individual member's voting power is governed by the member's percentage ownership of the entire scheme. This percentage is known as the Participation Quota (PQ).
