Tuesday, September 29, 2020

Body Corporate And Community Management Act 1997

Chapter 1
Part 4
Division 1
Section 11

Meaning of body corporate assets | Section 11

(1)Body corporate assets, for a community titles scheme, are items of real or personal property acquired by the body corporate, other than property that is incorporated into and becomes part of the common property.

Examples for subsection (1)—

1an airconditioning unit might be bought by a body corporate as a body corporate asset, but become common property when it is installed as a fixture

2a lot acquired by the body corporate under section 40

(2)Body corporate assets may consist of any property an individual is capable of acquiring.

Examples for subsection (2)—

freehold land, a lease, a licence to use land for a particular purpose, a billiard table, gardening equipment

© 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.

didn't find what you are looking for?

Try searching for It

Hello!

Drop us a message!