Sections 37 & 38 of the Sectional Titles Act define the functions and powers of the body corporate, which include:

•     The establishment of a fund to cover all repair and maintenance costs, rates and taxes, insurance premiums and management and administration fees. This fund must include reasonable provisions for future maintenance and repairs.

•     To require owners to contribute to the fund.

•     To require an owner who has the benefit of an exclusive use area to make an extra contribution to the fund sufficient to cover the costs of rates and taxes, maintenance and insurance for the exclusive use area. This provision applies to exclusive use areas created either under the Schedule I rules of the 1971 Act or by section 27 of the current Act. It does not apply to EUA's created under section 27A unless specific provisions have been made in the rules.

•     To determine the amounts to be raised for the above fund and to raise the amounts by levying all owners according to the participation quota or nominated value of their sections.

•     To open and operate a bank account or accounts in the name of the body corporate.

•     To keep the buildings that comprise the scheme insured to their full replacement value against fire and other prescribed risks and any other risks determined by the owners by special resolution.

•     To supply an owner or registered mortgagee of a section with a copy of the insurance policy and proof of payment of the last premium, if requested.

•     To repair and maintain the common property and keep it in a good state of repair.

•     To keep all fixtures and fittings which are used in connection with the common property in a serviceable state.

•     In general, to control, manage and administer the common property for the benefit of all the owners.

•     To appoint such employees and agents as it deems fit.

•     If essential for the proper fulfilment of its duties to purchase, mortgage, sell, hire or let units.

•     To purchase or hire equipment for the use and protection of owners or the common property.

•     Where practical, to establish and maintain gardens on the common property.

•     If so required, to borrow money to carry out the functions entrusted to the body corporate, and to invest surplus or reserve funds.