In my previous blog, I described the fundamental functions of a
Strata Scheme, the Owners Corporation and the Executive Committee.
In Part 2, it's time to delve deeper into the specific
responsibilities of the Owners Corporation and the Executive
Committee, as well as explaining the various types of levies that
may apply to members of the Owners Corporation.
Responsibilities of the Owners Corporation
Under the NSW Strata Schemes Management Act 1996 the Owners
Corporation is responsible for the upkeep and maintenance of all
common areas in the Strata Scheme. These common areas may include
lobbies, lifts, hallways, shared laundry facilities and even luxury
assets such as golf courses and swimming pools. They must also
ensure that fire safety measures are maintained throughout the
building. In addition to these responsibilities, the legislation
also dictates that the Owners Corporation must make a record of all
meetings that are held and must retain accounting and
