Body Corporate and Community Management (Commercial Module) Regulation 2020
sec.121Power to borrow [ SM, s 171 ]
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sec.121 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.121-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.121-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.