South Australian Current Acts South Australian Current Acts77—Corporation's monetary liabilities guaranteed by members
(1) Subject to
subsection (3), if a community corporation defaults in payment of a
monetary liability, the liability is enforceable against the members of the
corporation jointly and severally.
(2) The members have a
right of contribution amongst themselves in proportion to the lot entitlements
of their lots.
(3) If the liability
was incurred when the community parcel was subject to a leaseback arrangement
and was not authorised by an ordinary resolution of the corporation (or by a
special or unanimous resolution where required by some other provision of this
Act), the liability is enforceable against the lessee but not against the
members of the corporation.