strata 101 part 3 how the body corporate functions

© Copyright 2012 Teys Lawyers www.teyslawyers.com.au

Strata 101- How the Body Corporate Functions A 7 Part Training Series for New Queensland Body Corporate Managers, 2 July 2012


Overview

1.  What is a body corporate?

2.  Paperwork for general meeMngs

3.  Conduct of a general meeMng

4.  VoMng at general meeMngs

5.  General meeMng resoluMons


What Is a Body Corporate?

•  A separate legal enMty •  Created when land is subdivided to create a community Mtles scheme

•  Every owner of a lot is automaMcally a member of the body corporate

•  Membership ceases when lot ownership ceases

•  Must meet annually

Body corporate

Lot owner

Lot owner

Lot owner

‘Body corporate for [name] CTS [number]’


Paperwork for General MeeMngs NoMce of Mme and place

Agenda seYng out moMons

Proxy form

Corporate nominee form

VoMng paper (including any secret paper and envelope)

Explanatory notes

AdministraMve and sinking fund budgets

Quotes for spending

Statements of account

Audit cerMficate

Insurance disclosure

Statement of meeMng procedure and voMng rights


Conduct of a General MeeMng


VoMng at General MeeMngs

In person By proxy

By wri^en vote

By electronic

way


General MeeMng ResoluMons

Ordinary • Simple majority of votes on the day

Without dissent • Passed if no vote is counted against the moMon

Special • Two thirds of votes cast for & not more than 25% of lots in the scheme against

Majority • Simple majority of votes of those enMtled to vote


Next Week

•  How the commiêe funcMons

1.  Commiêe powers

2.  Powers and duMes of a chairperson

3.  Powers and duMes of a secretary

4.  Powers and duMes of a treasurer

5.  Proxy voMng at commiêe meeMngs


About the Presenter Michael Teys is the Founder and Principal Lawyer of TEYS Lawyers. He has a Bachelor of Laws and practices exclusively in the area of strata and community title law. He is a Fellow of the Australian College of Community Association Lawyers. He was formerly an Adjunct Lecturer with Charles Sturt University. He has also been the CEO of a publicly listed company and one of Australia’s largest strata management companies managing over $8B of residential and commercial property. Michael appears weekly on SKY News Business Channel's Property Success with Margaret Lomas and is a regular panellist for the property edition of Your Money, Your Call for the same channel. You can read Michael’s blog at www.michaelteys.com and follow him on Twitter at @MichaelTeys.com

Teys Lawyers practice nationally in strata and community title law representing owners corporations, bodies corporate and apartment owners. The firm’s practice groups include building defects, strata community disputes, strata title property law, by-law / rules and levy / fee collection.

TEYS Lawyers provide an entirely cloud based working platform for their team. The firm provides flexible working arrangements and has remote working locations in Queensland and Victoria.