New Owners Corporation Act Imminent
As you may be aware as of 31 December 2007 the regulation under which Bodies Corporate currently operate will change to new regulations known as the “Owners Corporations Act 2006”
The act provides that Bodies Corporate, as we currently know them will be known as Owner Corporations
The main purposes of this Act are—
(a) to provide for the management, powers and functions of owners corporations; and
(b) to provide for appropriate mechanisms for the resolution of disputes relating to owners corporations; and
(c) to amend the Subdivision Act 1988 in relation to the creation of owners corporations.
The Act provides for 2 levels of Owners Corporation - Owners Corporations and “Prescribed Owners Corporations” and the compliance and obligations will be more stringent for prescribed (larger).
Among the rcahnges in the new act will be new model rules, inclusion of conflict resolution procedures, more stringent reporting procedures, the requirement for professional Owners Corporation managers to be registered,
clearer definitions, etc.
The DR Strata Management Team is up to-date with the new regulations and we assure you that we will be ready for its implementation and will operate in compliance with the Act.
We believe that the Act is a positive improvement in the current regulations and look forward to negotiating its paths with you.
Details are available from the:
or Community Affairs Victoria web site www.consumer.vic.gov.au
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