STRATA TITLES ACT 1988 - SECT 26
STRATA TITLES ACT 1988 - SECT 26
(1) For the purpose of
carrying out its functions, a strata corporation may—
(a)
acquire, deal with and dispose of real and personal property (including an
interest in a unit) and rights in relation to real and personal property;
(b)
borrow money and obtain other forms of financial accommodation;
(c) open
and maintain accounts at ADIs;
(d)
invest money not immediately required for its purposes—
(i)
in investments in which trustees are authorised by
statute to invest trust funds; or
(ii)
in any prescribed investment;
(e)
enter into any kind of contract or arrangement;
(f) do
anything reasonably incidental to its functions under this Act.
(2) A
strata corporation cannot acquire property unless—
(a) the
property is reasonably required for the purposes of the corporation or for the
use or benefit of the strata community;
(b) in
the case of real property, the property is a unit within the site or is
adjacent to the site.
(3) A
strata corporation cannot acquire, deal with or dispose of real property
unless authorised by unanimous resolution of the corporation.
(4) The
strata corporation may, if authorised to do so by unanimous resolution of the
corporation, grant to a unit holder an exclusive right to occupy part of the
common property for a specified period.
(5) A
strata corporation may only dispose of real property that has been held as
common property if the property no longer forms part of the site.
(6) If a
strata corporation sells real property, any money received in respect of the
sale must, after paying the costs of the sale and any associated expenses, be
paid into the funds of the corporation and used to meet any outstanding
administrative expenses or other liabilities of the corporation and any
remaining balance may then, by unanimous resolution of the corporation, be
divided between the unit holders in proportion to the unit entitlements of
their respective units.