I am seeking information on how to conduct the business of a Body Corporate in Queensland. We recently bought the whole building, 3 units in all, as the sole owners. The Developer minuted the first (1st) meeting nominating us as the new President/Secretary. We have personally taken out & paid for all costs (rates & insurance etc) that we understand is required to now.
I have read the Qld Govt information on current legislation (I always fall asleep before I get too far into it). Unfortunately it doesn’t seem to provide any latitude to consider the Community Title Body Corporate ‘dorment’ until I sell to someone else (i.e. no longer owning all units).
Do I have to run it as an active Body Corporate with Minutes, Financial statements (audited?), Levies & annual/general meetings?
Can I apply for concession in this regard until I reduce ownership to below 100%?
wouldn’t your property manager do that for you? Mine do it for me here in SA.
Byronent
Adelaide SA
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