The Owners Corporation is the body made up of all the owners in the strata scheme.
It has the responsibility for:
- maintaining and repairing the common property of the strata scheme
- managing the finances of the strata scheme
- taking out insurance for the strata scheme
- keeping records and accounts for the strata scheme
- administering the by–laws for the strata scheme.
Each lot owner is part of the Owners Corporation and has a right to participate in the corporation’s decision making. The Owners Corporation comes into existence immediately after a strata plan is registered with the Land and Property Management Authority NSW (formerly called the Department of Lands).
The Owners Corporation has a Strata Committee which can make many of the necessary decisions on its behalf. The Strata Committee can have no more than nine members. It has a chairperson, secretary and treasurer. An Owners Corporation may also employ a Strata Manager and Building Manager to carry out some or all of their functions.
Mondrian has been formally registered as Strata Plan 69259.
The Office of Fair Trading website contains a lot of useful information about living in a strata scheme: www.fairtrading.nsw.gov.au