Div 5Acquisition of property for benefit of owners and occupiers of lots

Division 5—Acquisition of property for benefit of owners and occupiers of lots 112—Acquisition of property (1) A community corporation may— (a) acquire a freehold or leasehold interest in land; or (b) acquire a licence or concession related to land; or (c) acquire an interest in personal property, for the use and enjoyment of all or some of the owners and occupiers of its community lots and (where applicable) the community lots of a secondary or tertiary scheme that comprises part of its scheme. (2) Where a corporation has acquired a freehold interest in land outside the community parcel it may (but is not obliged to) apply to the Registrar-General under Part 7 for the amendment of the community plan to include the land in the community parcel. (3) An acquisition under subsection (1) must— (a) in the case of the acquisition of a freehold or leasehold interest in a lot—be authorised by a unanimous resolution of the corporation; (b) in any other case—be authorised by a unanimous resolution or a special resolution depending on— (i) whether the cost of acquisition is above or below the amount prescribed by regulation; (ii) any other factors prescribed by regulation.