Friday, September 25, 2020

Owners Corporation Act 2006

Part 4
Division 1
Section 68

Obligations of initial owner | Section 68

(1)     Subject to subsection (3), the initial owner of land affected by an owners corporation must act honestly and in good faith and with due care and diligence in the interests of the owners corporation in exercising any rights under this Act.

(2)     Subject to subsections (3) and (4), the initial owner of land affected by an owners corporation must take all reasonable steps to enforce any domestic building contract (within the meaning of the Domestic Building Contracts Act 1995 ) entered into by the initial owner in respect of land in the plan of subdivision providing for the creation of the owners corporation.

(3)     Subsections (1) and (2) apply to an initial owner only while the initial owner is the owner of the majority of the lots affected by the owners corporation and only until the end of the period of 5 years following the registration of the plan of subdivision.

(4)     Subsection (2) applies only to the enforcement of a breach of contract—

(a)     to the extent that it relates to the common property affected by the owners corporation; and

(b)     of which the initial owner is aware or ought reasonably to be aware.

(5)     In this section “initial owner” means the person who was the applicant for the registration of the plan of subdivision.

© State of Victoria (Consumer Affairs Victoria). For the latest information please go to https://www.legislation.vic.gov.au/in-force/acts/owners-corporations-act-2006/017

Disclaimer: Reproduced from the Owners Corporation Act 2006. 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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