29Body corporate assets

29 Body corporate assets (1) A body corporate asset of a scheme is property acquired and held by the body corporate. Notes for subsection (1) 1 A body corporate asset cannot be the common property. See section 33(2). 2 A body corporate may acquire and incorporate lots and units into the common property. See section 35. (2) Without limiting subsection (1), each of the following is a body corporate asset: (a) a statutory easement that benefits the common property; (b) an interest in a unit of the scheme that is leased to a service contractor or letting agent. (3) A body corporate may hold property, as tenant in common, with the body corporate of another scheme. (4) Except as provided by subsection (3), property cannot be a body corporate asset of more than 1 scheme. (5) A body corporate may mortgage or create a charge over a body corporate asset only as provided by the management module. (6) The right of the body corporate over the body corporate assets of a higher scheme is subject to the scheme statement of each higher

Unit Title Schemes Act 2009 20