Security for unpaid amounts—declaration of charge
96 Security for unpaid amounts—declaration of charge
If an amount owing to the owners corporation is unpaid after it becomes payable, the corporation may declare that a charge is to be imposed over the lease of the unit to secure payment of the amount.
The declaration must—
give details of the lease of the unit to be charged; and
state the unpaid amount owing to the owners corporation.
After making the declaration, the owners corporation must—
lodge with the registrar-general a copy of the declaration, certified as a true copy by the executive committee; and
give a copy of the declaration to the unit owner and anyone else who has an interest in the unit.
On registration of the copy of the declaration, the amount stated in the declaration, together with interest on the amount under section 94, is a charge over the lease of the unit.
A registered charge under this section does not give a power of sale over the lease of the unit.
This Act’s bill:Explanatory statementSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.