An owners corporation (formerly body corporate) manages the common property of a residential, commercial, retail, industrial or mixed-use property development.
All bodies corporate became an owners corporation on 31 December 2007, when the Owners Corporations Act 2006 came into force. This law sets out the duties and powers of owners corporations. The Owners Corporations Regulations 2007 should be read in conjunction with the Act as they contain important aspects as to the running of an Owners Corporation.
SUBDIVISION ACT 1988 PART 5
The Subdivision Act 1988 Part 5 contains important information regarding the creation of an Owners Corporation.