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Body Corporate and Community Management Act 1997
sec.81AWhat are economic reasons for termination
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sec.81A What are economic reasons for termination
The following are economic reasons for termination of a community titles scheme— if all of the lots included in the scheme are used for a commercial purpose—that it is not economically viable for the scheme to continue; that, on the day a pre-termination report is given to lot owners, or within 5 years from that day, it is not, or will not be, economically viable for the body corporate for the scheme to carry out repairs and maintenance to any property or assets the body corporate must maintain in good or structurally sound condition. s 81A ins 2023 No. 29 s 7
- (a) if all of the lots included in the scheme are used for a commercial purpose—that it is not economically viable for the scheme to continue;
- (b) that, on the day a pre-termination report is given to lot owners, or within 5 years from that day, it is not, or will not be, economically viable for the body corporate for the scheme to carry out repairs and maintenance to any property or assets the body corporate must maintain in good or structurally sound condition.