Body Corporate and Community Management (Commercial Module) Regulation 2020
sec.137Other dealings with, and disposal of, body corporate assets— Act , s 157 [ SM, s 190 ]
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sec.137 Other dealings with, and disposal of, body corporate assets— Act , s 157 [ SM, s 190 ]
The body corporate may do any of the following— sell or otherwise dispose of a body corporate asset that is freehold land, or a leasehold interest in freehold land; grant or amend a lease over a body corporate asset that is freehold land, or another body corporate asset capable of being leased; sell or otherwise dispose of a body corporate asset that is personal property, not including personal property mentioned in paragraph (a) or (b) , but including a licence or concession related to freehold land. The body corporate may mortgage or charge a body corporate asset, but the amount secured under the mortgage or charge must not, at any time when the mortgage or charge is in force, be more than 70% of the value of the asset. The body corporate may exercise its powers under this section only if authorised by ordinary resolution. (sec.137-ssec.1) The body corporate may do any of the following— sell or otherwise dispose of a body corporate asset that is freehold land, or a leasehold interest in freehold land; grant or amend a lease over a body corporate asset that is freehold land, or another body corporate asset capable of being leased; sell or otherwise dispose of a body corporate asset that is personal property, not including personal property mentioned in paragraph (a) or (b) , but including a licence or concession related to freehold land. (sec.137-ssec.2) The body corporate may mortgage or charge a body corporate asset, but the amount secured under the mortgage or charge must not, at any time when the mortgage or charge is in force, be more than 70% of the value of the asset. (sec.137-ssec.3) The body corporate may exercise its powers under this section only if authorised by ordinary resolution.
- (a) sell or otherwise dispose of a body corporate asset that is freehold land, or a leasehold interest in freehold land;
- (b) grant or amend a lease over a body corporate asset that is freehold land, or another body corporate asset capable of being leased;
- (c) sell or otherwise dispose of a body corporate asset that is personal property, not including personal property mentioned in paragraph (a) or (b) , but including a licence or concession related to freehold land.