Business Law - Owner's Corporation Act 2006 | Assignment
13 Pages2589 Words188 Views
Added on 2020-02-24
Business Law - Owner's Corporation Act 2006 | Assignment
Added on 2020-02-24
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Running Head: Law 1Law
Law2 Introduction:Owners Corporation was formerly known as the body corporate, and it is introduced formanaging the common property of a residential, commercial, retail, industrial or mixed-useproperty development. On 31st December 2007, body corporate was transformed into OwnersCorporation after the enforcement of the Owners Corporations Act 2006. This Act states variousduties and powers related to Owner’s Corporations. Section 1 of the owner’s Corporation Act2006 states the main purposes of this Act:Defines the provisions in relation of management, powers, and functions of the owner’sCorporation.It provide framework for resolving the disputes arise under owner’s corporation. Make amendments in the Subdivision Act 1988. It must be noted that under this new Act term body corporate is replaced from the term owner’scorporation and this Act also impose new responsibilities and legal obligations on OwnersCorporation (Owner Corporation, 2006). In this various provisions of Owners Corporation such as legal requirements to become OwnersCorporation, mangers duties, etc. are discussed. It also states details regarding two case laws.Lastly, paper is concluded with brief conclusion. Legal requirements to work as a manager of owner’s corporation:Managers of the owner’s Corporation provide various facilities in relation to the management of:Peoples in the community living environment, and
Law3Money of other people on ongoing basis and not on single transaction basis. Current and future assets of the communities.Managers of Owners Corporation must be registered under part 12 of the Owner’s CorporationAct 2006, and in case manager conduct their operation in exchange of fee or reward withoutgetting registered then it is considered as offense. Section 178 of the Owners Corporation Act 2006 states that, person must not conduct anyfunction as the manager of the Owner’s corporation either alone or in partnership, unless suchperson is registered under part 12 of the Act. Section 178 of the Owners Corporation Act 2006 states that, Person is not eligible forregistration under this part if:In case of natural person, person is under the age of 18 years.In case person is corporation, director of such corporation is a represented person for thepurpose of the Guardianship and Administration Act 1986. In case person is corporation, director of such corporation is an insolvent person underadministration. Steps required for getting registered:Section 180 of the Act states the procedure for lodging application for registration, and as perthis section application for registration as manager can be made to Business Licensing Authority.It must be noted that application made by applicant must be in writing or in the effect of the formapproved by the business licensing authority. Such form must be submitted with sufficientevidence such as identity of the applicant and in case of corporation, directors provide the birth
Law4certificate, passport (passport must be current or expired but not more than 2 years), drivinglicense, or any other relevant document. Applicant also provide evidence which states that applicant is covered under requiredprofessional indemnity insurance, and form must be submitted with prescribed fees. Section 181 of the Act states that, business license authority has power to ask the applicant toprovide any other information which is necessary for determining the application and it also haspower to refuse the application if applicant fails to comply with the request within the timeperiod allowed by authority. Section 182 of the Act states, business license authority registers the applicant under part 12 ofthe Act, only when authority is satisfied that the applicant satisfied section 180 and 181 of theAct, and applicant meet the eligibility criteria to get registered. This section further states, registration of the applicant under this part remains in force until suchregistration is cancelled or surrendered. Section 186 of the Act states, automatic cancellation of the registration. As per this sectionregistration of the person is automatically cancelled if:In case person is corporation, director of such corporation is a represented person for thepurpose of the Guardianship and Administration Act 1986. In case person is corporation, director of such corporation is an insolvent person underadministration or an externally-administered body corporate.
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