The seal must bear special wording. A number of sets of records are required to be kept by the Body Corporate. The Body Corporate must establish its own letter box and sign which should be located near the letter boxes of members of the Body Corporate. If, however, the Body Corporate decides to employ a Managing Agent it will not need to provide a letter box but must erect and maintain a sign which gives details of the Agent's name, address and the number of the Body Corporate. The Body Corporate must take out and maintain public liability and reinstatement insurance if the development is a strata sub-division.
Insurance is also mandatory for all buildings on common property.
Special rules may be adopted by special resolution. Each lot owner has a variety of obligations and responsibilities in respect of their use, occupation and maintenance of their lot taking into consideration the rights of other members of the Body Corporate. Full details may be found in a publication of the Law Institute of Victoria called Notes Relating to Plans of Subdivision . Further information on Bodies Corporate is available on our tapes called Body Corporate Meetings and Bodies Corporate and Common Property. This document is about some of the rights and obligations of a landlord and some of the rights and obligations of a tenant in connection with a lease of small retail premises.