Body Corporate and Community Management (Accommodation Module) Regulation 2020
sec.161Power to borrow [SM, s 171 ]
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sec.161 Power to borrow [SM, s 171 ]
The body corporate may, by ordinary resolution, borrow amounts on security agreed between the body corporate and the person from whom the amounts are borrowed. The body corporate must not at any time, without the authority of a special resolution, be in debt for a borrowed amount greater than an amount worked out by multiplying the number of lots included in the community titles scheme by $250. (sec.161-ssec.1) The body corporate may, by ordinary resolution, borrow amounts on security agreed between the body corporate and the person from whom the amounts are borrowed. (sec.161-ssec.2) The body corporate must not at any time, without the authority of a special resolution, be in debt for a borrowed amount greater than an amount worked out by multiplying the number of lots included in the community titles scheme by $250.