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Buying FAQ's

Glossary of Terms

ARTICLES - the Articles of Association of a home unit company.

BCA - the Building Code of Australia.

CA - the Corporations Act 2001.

COMMITTEE - an owners corporation committee appointed pursuant to Part 5 of the Act.

COMPANY SHARE SCHEME PROPERTY - a company which is the registered proprietor of land and the ownership of shares in a

company entitles the shareholder to the exclusive use and occupation of a particular part of the land and building but is not an owners

corporation.

CONSTITUTION - a constitution adopted by a home unit service company which will usually be it's Memorandum and Articles of Association

COURT - a court of competent jurisdiction.

DIRECTORS - the directors of a home unit company.

FA - Fences Act 1988.

HOME UNIT COMPANY - a stratum estate service company or company share scheme property.

MODEL RULES - the rules prescribed by the regulations.

NCC - National Construction Code.

OCA - Owners Corporations Act 2006.

REGULATIONS - the Owners Corporations Regulations 2007.

RSA - Road safety Act 1986.

SA - Subdivision Act 1988.

SERVICE AGREEMENT - an agreement between a service company and the owner of a stratum estate setting out the respective rights and

obligations.

SERVICE COMPANY - a company formed or incorporated for carrying out the common purposes of the proprietors of the stratum estates in a

subdivision.

STRATUM ESTATE - a lot in a building which has been subdivided under the Transfer of Land Act 1958 for which there is a separate title and a

service company formed or incorporated.

STRATUM ESTATE SERVICE COMPANY - service company

SUBDIVISION ACT - Subdivisions Act 1988

THE ACT - Owners Corporations Act

TRIBUNAL - Victorian Civil and Administrative Tribunal.

VCAT - Victorian Civil and Administrative Tribunal.

DEFINITIONS

"amend" in relation to a rule, includes add to or replace;

"approved form" means form approved by the Director under section 200;

"bank account" means an account with an authorised deposit-taking institution within the meaning of the Banking Act 1959 of the

Commonwealth;

"building" includes a structure and part of a building or a, structure; and walls, out-buildings, service installations and other appurtenances of a

building; and a boat or a pontoon which is permanently moored or fixed to land;

"business day" means a day that is not a Saturday or Sunday; or a public holiday appointed under the Public Holidays Act 1993;

"Business Licensing Authority" means the Business Licensing Authority established under the Business Licensing Authority Act 1998;

"common property" means land shown as common property on a plan of subdivision or a plan of strata or cluster subdivision;

"Council" means the Council of the municipal district in which the land in the plan is located

"CPA Australia" means Certified Practising Accountant

"Director" has the same meaning as it has in the Fair Trading Act 1999;

"externally administered body corporate" has the same meaning as it has in the Corporations Act;

"function" includes duty and authority; "inspector" means an inspector appointed under the Fair Trading Act 1999;

"land" includes buildings and airspace;

"land affected by an owners corporation" means the lots the owners for the time being of which are members of the owners corporation

together with the common property for which the owners corporation is responsible;

"Licensing Registrar" means the Registrar of the Business Licensing Authority appointed under the Business Licensing Authority Act 1998;

"limited owners corporation" has the same meaning as it has in the Subdivision Act 1988;

"lot" has the same meaning as it has in the Subdivision Act 1988;

"lot affected by an owners corporation" means a lot the owner for the time being of which is a member of the owners corporation;

"lot entitlement" in relation to a lot affected by an owners corporation, means a number specified in the plan as the lot entitlement for that lot,

expressing the extent of the lot owner's interest in any common property affected by the owners corporation;

"lot liability" in relation to a lot affected by an owners corporation, means a number specified in the plan as the lot liability for that lot, expressing

the proportion of the administrative and general expenses of the owners corporation which the lot owner is obliged to pay;

"lot owner", in relation to an owners corporation, means an owner of a lot affected by the owners corporation;

"owner" has the same meaning as it has in the Subdivision Act 1988;

"owners corporation" means a body corporate which is incorporated by registration of a plan of subdivision or a plan of strata or cluster

subdivision;

"owners corporation register" means the register kept by an owners corporation in accordance with section 147;

"plan of subdivision" has the same meaning as plan has in the Subdivision Act 1988;

"prescribed owners corporation" means an owners corporation of a class prescribed by the regulations;

"Register" means the Register under the Transfer of Land Act 1958;

"registered manager" means a manager registered under Part 6;

"Registrar" has the same meaning as it has in the Transfer of Land Act 1958;

"rules" in relation to an owners corporation, means the rules of the owners corporation for the time being in force;

"unlimited owners corporation" has the same meaning as it has in the Subdivision Act 1988.