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BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 81
Dissolution of body corporate for terminated scheme
81 Dissolution of body corporate for terminated scheme
(1) When the scheme is terminated, the body corporate is dissolved.
(2) On
dissolution of the body corporate— (a) the owners of the lots immediately
before the scheme was terminated (the
"former owners" ) become entitled to the body corporate assets in shares
proportionate to the respective interest schedule lot entitlements of their
lots immediately before the termination; and
(b) the liabilities of the body
corporate are vested jointly and severally in the former owners, but they are
entitled to contribution against one another in proportion to their respective
interest schedule lot entitlements immediately before the termination.
(3)
Body corporate assets (including freehold land and other body corporate assets
registered or otherwise held in the name of the dissolved body corporate) may
be dealt with by the former owners as if the assets were registered or
otherwise held in the names of the former owners.
(4) Subsections (2) and (3)
have effect subject to— (a) if the scheme is terminated under a resolution
of the body corporate—the resolution to terminate the scheme, and any
agreement entered into about termination issues; or
(b) if the scheme is
terminated under an order of the court—the order to terminate the scheme.
(5) On the application of an interested person, the District Court may make
orders for the custody, management and distribution of body corporate assets.
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