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Body Corporate Bank Accounts and Control of Spending

Article Contributed by The Commissioner for BCCM

One of the general functions of a body corporate is to administer the common property and body corporate assets for the benefit of owners of lots in the scheme. This includes maintaining common property and, in some circumstances, taking out insurance policies.

The funds to finance insurance or maintenance are from owner contributions. But who is authorised to access a body corporate bank account and spend the funds?

This article will address these questions and more...

Property Replacement Fund    

Article Contributed by BIV Reports 

If you always do what you’ve always done, you’ll always get what you’ve always got.


This article leads on from my earlier article on  Making your Scheme Competitive to Insurers and the idea I present today stems from a discussion I had with a developer client in WA. They have a $100+ million building in northern WA that went through a Category 5 cyclone. When I asked about the extent of the damage, he said ‘all we lost was the front doors and a few shade cloths.


The insurance premium for this property was in the order of $1 million a year!….. so it got me thinking….. if the damage to that type of property was fairly minor in the highest-level storm, why are they paying such a high premium?
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