owners corporation

The owners corporation is made up of all the owners in the strata scheme. Each lot owner is automatically part of the owners corporation and has a right to participate in the decision making. Owners cannot ‘resign’ from the owners corporation.

It has the responsibility for:

• maintaining and repairing the common property of the strata scheme
• managing the finances of the strata scheme
• taking out insurance for the strata scheme
• keeping records and accounts for the strata scheme
• administering the by–laws for the strata scheme
• employment of a strata managing agent and/or caretaker

The owners corporation comes into existence immediately a strata plan is registered with the Department of Lands.

The owners corporation used to be known as the body corporate.