New laws for bodies corporate come into operation in Victoria
The laws governing bodies corporate in Victoria have been reformed with the introduction of the Owners Corporations Act 2006. The Act, which came into operation in December 2007, made a number of changes to the way bodies corporate (now known as 'owners corporations') are managed.
The Final Report of the Body Corporate Review was released in 2005 following a process of public consultation. The new legislation was created to implement findings of the review. Key features include:
- clarification of roles and responsibilities for owners corporations, committees of management, managers, lot owners and occupiers
- increased protection for body corporate funds
- improved avenues for dispute resolution
- improved governance arrangements
- enhanced regulation for disclosure of information
- improved enforcement provisions.
Regulations have been made to support the new legislation. The Owners Corporations Regulations 2007 prescribe:
- classes of prescribed owners corporations
- insurance requirements for owners corporations
- when an existing corporation must establish an owners corporation register
- information to be included on an owners corporation certificate
- fees, costs and charges
- model rules for owners corporations.
The new legislation has been developed to provide for more modern regulation of the operations and management of bodies corporate.
For more information visit www.consumer.vic.gov.au (Select 'Buying & Selling Property' > 'Apartments & Units' > 'New laws for bodies corporate')
This page was generated on 12 January, 2010