Monday, October 26, 2020

Body Corporate And Community Management Act 1997

Chapter 3
Part 1
Division 1
Section 96

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

© Sourced from the Queensland Legislation website at 1 April 2020. For the latest information on Queensland Government legislation please go to https://www.legislation.qld.gov.au.

Disclaimer: Reproduced from the Body Corporate and Community Management Act 1997. This website does not give legal advice or other professional advice. You should seek legal or other professional advice before acting and not rely on any of the content on this website.

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