70
In forceOwners corporation may borrow
Part 5Financial management
Division 5.1Financial functions generally
70 Owners corporation may borrow
An owners corporation may, if authorised by a special resolution, do 1 or more of the following:
(a)
borrow amounts required for the exercise of its functions;
(b)
secure the repayment of amounts borrowed by it and the payment of interest on amounts borrowed by it.
Note
Section 20 (2) prevents the owners corporation from taking out a mortgage over the lease in the common property to secure repayment.
This Act’s bill:Explanatory statementSecond reading speech
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