Australian Capital Territory Consolidated Acts

UNIT TITLES ACT 2001 - SECT 48

    (1)     An owners corporation may, if authorised by an ordinary resolution—

        (a)     hold property for any use in accordance with its functions (subject to subsection (3)); or

        (b)     dispose of any such property.

    (2)     An owners corporation may, if authorised by a special resolution, on conditions and for purposes stated in the resolution—

        (a)     grant or vary an easement over any part of the common property; or

        (b)     take or vary an easement granted for the benefit of the common property; or

        (c)     release an easement granted for the benefit of the common property.

    (3)     The only forms of interest in land that an owners corporation may hold (at law or in equity) are as follows:

        (a)     the lease of the common property;

        (b)     an easement granted for the benefit of the common property;

        (c)     a registered charge (under section 64 ) securing an amount payable to the corporation ;

        (d)     an interest in the common property of a community title scheme that includes the land subdivided by the units plan.

    (4)     The estate in the lease of the common property (held by the owners corporation) cannot be transferred, assigned, sublet or mortgaged, either at law or in equity.