Northern Territory Consolidated Acts Northern Territory Consolidated Acts(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.