Body corporate must not carry on business | Section 96

(1)A body corporate must not carry on a business.

Examples—

A body corporate must not carry on business as—

•a letting agent

•a tour operator

•a restaurant business

•a real estate developer

•a land trader.

(2)However, the body corporate may—

(a)engage in business activities to the extent necessary for properly carrying out its functions; and

(b)invest amounts not immediately required for its purposes in the way a trustee may invest trust funds.

Examples for subsection (2)(a)—

1leasing part of the common property

2selling body corporate assets no longer required for the scheme