About Owners Corporations

Consumer Affairs Victoria is responsible for Owners Corporation law and administration. Their website asks the question "What is an Owners Corporation?" and provide's this explaination;

"An owners corporation (formerly body corporate) manages the common property of a residential, commercial, retail, industrial or mixed-use property development. You are likely to be a member of an owners corporation if you own a flat, apartment or unit.

Your ‘body corporate’ became an owners corporation on 31 December 2007, when the Owners Corporations Act 2006 came into force.

This law sets out the duties and powers of owners corporations.An owners corporation is automatically created when a plan of subdivision containing common property is registered at Land Victoria. Common property may include, for example, gardens, passages, walls, pathways, driveways, lifts, foyers and fences."

Waterways has no common property but in their wisdom the Developer of Waterways decided to use a Body Corporate structure to create rules for Waterways Owners and Residents, and to enable contracts for maintenance of the parks and gardens.

The Owners Corporation Act 2006 establishes requirements which must be followed by Owners Corporations including Waterways.  To find out more you can

• read the Owners Corporation Guide published by Consumer Affairs Victoria, or
• visit the Consumer Affairs Victoria website Owners Corporation section for a comprehensive but easy to follow review of Owners Corporations.