Queensland Consolidated Acts

BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 11

11 Meaning of body corporate assets

(1)
"Body corporate assets" , for a community titles scheme, are items of real or personal property acquired by the body corporate, other than property that is incorporated into and becomes part of the common property.

Examples for subsection (1)—

1 an airconditioning unit might be bought by a body corporate as a body corporate asset, but become common property when it is installed as a fixture

2 a lot acquired by the body corporate under section 40

(2) Body corporate assets may consist of any property an individual is capable of acquiring.

Examples for subsection (2)—

freehold land, a lease, a licence to use land for a particular purpose, a billiard table, gardening equipment