To properly appreciate the difference, we must begin with the Sectional Titles Schemes Management Act (STSMA). Section 3(1) assigns the obligation to raise levies to the body corporate, comprising of owner, through the budget approval process.
Prescribed Management Rules 28 (7) and 28 (8) state that “a management agreement may not endure for a period longer than three years and may be canceled without liability or penalty, despite any provision of the management agreement or other agreement to the contrary-
In terms of prescribed management rule 10 a document (including contracts) is only valid and binding on the body corporate if it is signed by two trustees or by one trustee and the managing agent.
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