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If you own a flat, apartment or unit then are likely to be a member of a owners corporation which looks after the building and common property. From 31 December 2007, all bodies corporate (as they were previously known) in Victoria became owners corporations under the new Owners Corporations Act 2006. This Act introduced new powers and functions for all owners corporations, which aim to ensure better management for the increasing number of multi-dwelling and multi-storey buildings in Victoria, and some more complex planned communities.

Owners corporations must hold a general meeting (called the annual general meeting) each year. The notice of an annual general meeting must be in writing and either handed or sent to lot owners at least 14 days before the meeting. The Owners Corporations Act 2006 allows notices to be sent electronically.

The Owners Corporations Act 2006 requires an owners corporation with 13 or more lots to elect a committee at each annual general meeting. Owners corporations with less than 13 lots may elect a committee if they choose, but it is not mandatory.

The Owners Corporation Act 2006 sets out the minimum insurance cover requirements for all owners corporations. The Act also enables owners corporations to take out insurance cover for other risks.

Many owners corporations use professional managers to assist with finances, insurance, administration, meetings and maintenance functions. Larger owners corporations usually engage paid professional managers because complex legal, technical and people skills are required to manage the property. An owners corporation may appoint a manager to carry out any powers or functions it is able to delegate at a general meeting. The owners corporation usually delegates powers to a manager in a contract or instrument of delegation. This enables the manager to make decisions on behalf of the owners corporation. This appointment must be in writing or through a contract of appointment in the approved form. However, some owners corporations may be self-managed by a committee or a lot owner who has been delegated powers on a voluntary basis.