Unit Title Schemes Act 2009

(1) A body corporate asset of a scheme is property acquired and held by the body corporate.

Notes for subsection (1)

1 A body corporate asset cannot be the common property. See section

33(2).

2 A body corporate may acquire and incorporate lots and units into the common property. See section 35.

(2) Without limiting subsection (1), each of the following is a body corporate asset:

(a) a statutory easement that benefits the common property;

(b) an interest in a unit of the scheme that is leased to a service contractor or letting agent.

(3) A body corporate may hold property, as tenant in common, with the body corporate of another scheme.

(4) Except as provided by subsection (3), property cannot be a body corporate asset of more than 1 scheme.

(5) A body corporate may mortgage or create a charge over a body corporate asset only as provided by the management module.

(6) The right of the body corporate over the body corporate assets of a higher scheme is subject to the scheme statement of each higher scheme.