The Owners Corporation Act (the ‘Act’) was passed on 14 September 2006 and received assent on 19 September 2006. The Act, in effect, replaces and enlarges upon the regulations under the Subdivision Act 1988 with regard to bodies corporate (now called ‘owners corporations’).
The Act changes the structure, function, rights and obligations of bodies corporate and will affect property owners, managers, and property developers of residential properties, commercial properties, retirement villages, shopping complexes, office space, industrial complexes and mixed-use developments.
The Act comes into operation on 31 December 2007.
The Act will directly affect the one in five Victorians who own, live in, manage or develop bodies corporate. Here we examine the Act and highlight the Act’s key provisions.
Why the act has been passed.
The Act is intended to address the inadequacies in the Subdivision Act 1988 in an environment of increasing numbers of bodies corporate and increasing complexity in the way they are structured and managed.
The Act :
* addresses both the obligations and rights which are common to...