Sectional title players
1. BODY CORPORATE
‘It's the collective name given to the owners of the units and common property within a sectional title complex,' explains Leigh. ‘As a member you have voting rights and are allowed to make yourself heard at AGMs and question trustees' decisions.'
‘The trustees are mandated to manage the funds, enforce the rules and policies within the scheme and manage the common property,' says Leigh. 'Any owner or non-owner may put their names forward for consideration as a trustee, but you must be nominated in writing by an owner in the scheme.' Trustees are expected to act with fiduciary responsibility in the best interests of the body corporate. ‘No fiduciary responsibility or any other responsibility bestowed on a trustee can be contracted to another party, such as the managing agent. The onus to act and manage the affairs of a scheme will always rest with the board of trustees.'
3. MANAGING AGENT
The appointment of a managing agent is one of the most crucial functions of the trustees. ‘The managing agent oversees the financial running of the scheme and its administrative duties. This allows the trustees to be transparent in the management of the financial affairs of the scheme and have an arms-length relationship with owners, residents and contractors, ensuring their decisions and actions are calculated and made in the best interests of the scheme.'