Everything about Body Corporate totally explained
In
English Law (and as a result, throughout the
Commonwealth Realms),
body corporate is the legal term for a
corporation. It is distinct from a
natural person, although it has many of the same legal rights.
A body corporate can be either a
corporation sole (consisting of a single person) or a
corporation aggregate (consisting of two or more persons). The British
Crown is an example of a corporation sole, whereas
J Sainsbury plc is an example of a corporation aggregate.
Australia
In Australia, the term "body corporate" also refers to a home owners association in Australia charged with the administration of one or more housing units. These associations are incorporated under the relevant property legislation, and thus are bodies corporate in the legal sense. Owners pay a monthly fee to provide for common maintenance and help cover future repair.
In the State of
Victoria, the new Owners Corporations Act (Act No.: 69/2006) will come into effect from
31 December 2007, replacing the term "body corporate" with "owners corporation".
Further Information
Get more info on 'Body Corporate'.
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