Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Body Corporate
A body corporate is an organization formed by the unit owners of an apartment or strata building. Members elect a council and officers and manage the day-to-day building operations, including maintenance of common areas such as stairs, elevators, and corridors. The body corporate is usually registered as a corporation, which means it exists apart from its owners and members. As such, it is able to charge member dues, maintenance fees, and other expenses on a regular basis. In Victoria, the term "body corporate" was officially changed to "Owners Corporation" effective December 2007.
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