sec.109Other dealings with, and disposal of, body corporate assets— Act , s 157 [ SM, s 190 ]

sec.109 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, only if authorised by resolution without dissent; grant or amend a lease over a body corporate asset that is freehold land, or another body corporate asset capable of being leased, only if authorised by— if the term of the lease, as granted or as amended, is more than 3 years—resolution without dissent; or if subparagraph (i) does not apply—special resolution; 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, only if authorised by special resolution, if the market value of the asset is more than the greater of the following amounts— $1,000; an amount worked out by multiplying the number of lots included in the community titles scheme by $200.

• (a) sell or otherwise dispose of a body corporate asset that is freehold land, or a leasehold interest in freehold land, only if authorised by resolution without dissent;
• (b) grant or amend a lease over a body corporate asset that is freehold land, or another body corporate asset capable of being leased, only if authorised by— (i) if the term of the lease, as granted or as amended, is more than 3 years—resolution without dissent; or (ii) if subparagraph (i) does not apply—special resolution;
• (i) if the term of the lease, as granted or as amended, is more than 3 years—resolution without dissent; or
• (ii) if subparagraph (i) does not apply—special resolution;
• (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, only if authorised by special resolution, if the market value of the asset is more than the greater of the following amounts— (i) $1,000; (ii) an amount worked out by multiplying the number of lots included in the community titles scheme by $200.
• (i) $1,000;
• (ii) an amount worked out by multiplying the number of lots included in the community titles scheme by $200.
• (i) if the term of the lease, as granted or as amended, is more than 3 years—resolution without dissent; or
• (ii) if subparagraph (i) does not apply—special resolution;
• (i) $1,000;
• (ii) an amount worked out by multiplying the number of lots included in the community titles scheme by $200.