Queensland Consolidated Acts

BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 45

45 Ownership and enjoyment of body corporate assets

(1) The body corporate for a community titles scheme holds the body corporate assets beneficially.

(2) Property can not be a body corporate asset for more than 1 community titles scheme, although a body corporate asset may comprise a share as tenant in common in an item of property, including, for example, property in which the body corporate for another community titles scheme also has a share.

(3) A body corporate may (in the way and to the extent this Act provides) acquire, and dispose of, a body corporate asset, but must not, except to the extent permitted under a regulation module, mortgage, or otherwise create a charge over, the asset.

(4) The way the body corporate for a community titles scheme (
"scheme A" ) may use the body corporate assets for a community titles scheme for which scheme A is a subsidiary scheme is subject to the community management statement for each scheme for which scheme A is a subsidiary scheme.