Managing a body corporate’s finances requires a high duty of trust. The risk of the mismanagement of funds needs to be mitigated against. Fidelity insurance covers the body corporate against any fraud or dishonesty committed by a trustee, managing agent, employee or other agent of the body corporate.
When I first started practicing as a community scheme attorney I realised that there were three topics that came up as common “problems” in sectional title living. I categorised these issues as the “3 ‘P’s’ of sectional title living”, namely pets, parking and people. These “P problems” are the cause of most of the issues and disputes in sectional title schemes. In this article I will deal with parking issues.
There is a myth in the sectional title realm that the body corporate insurance covers everything. This article will set out the facts on all things sectional title insurance and risk coverage. More specifically, this article will deal with the most important insurance responsibilities that need to be undertaken to ensure that your scheme is compliant with the legislative requirements.
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-
The question is, is online and hybrid meetings a blessing or a tool to exclude owner participation. I for one is in favour of online and hybrid meetings as these represent a remarkable advancement in how we can conduct discussions within the community schemes community. These modern meeting formats are truly the future, offering unparalleled convenience and efficiency, ensuring attendance and participation.
Introduction The body corporate is the governing body of sectional title schemes. The body corporate then elects a group of trustees to act as their executive body at every annual
There are a multitude of tasks that trustees need to undertake in order to manage all the legislated responsibilities for running a successful sectional title scheme. There are financial, legal, administrative and physical tasks that need to be planned out and executed
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.
It’s beginning to feel a lot like Christmas! This time of year, brings a few additional considerations for members of the body corporate. Here are some things to take stock of over this period of year if you live in a community scheme.
I often get consulting enquiries on who is responsible for the maintenance and repair of the foundations of sections. In this article I will set out the responsibility in regard to foundations.
