The principal responsibilities of an Owners Corporation are:

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• Establishing funds for property management and maintenance, including a 10 year Sinking Fund Plan for future repairs.

• Setting owners corporation levies each year.

• Employing service contractors to carry out work, maintenance or repairs on the building(s) and common property.

• Adding to, amending and enforcing the articles or rules.

• Commencing legal proceedings to recover damages for any harm caused to the building(s) or common property.

• Taking out building insurance against defined events (such as storms and fire); and also taking out other insurances required by law, for instance workers compensation and public liability insurance over the common property.

• Maintaining the building(s) and common property.

• Holding annual general or special meetings of owners.

• Keeping minutes of meetings and preparing accounts.

• Recording details of the ownership and occupancy of units in a unit roll.

• Providing information to owners and mortgagees about the unit scheme, including issuing a certificate under s 75 of the Act to unit owners who wish to sell their property.