It is a good idea to review the obligations and responsibilities that a body corporate manager must comply with, including the relevant legislation, regulations, and professional standards. This helps ensure they are fulfilling their duties appropriately, acting in the best interests of the body corporate, maintaining transparency and accountability, and meeting their legal obligations.
1. Acting in body corporate’s best interests
A body corporate manager must always act in the best interests of the body corporate.
Schedule 1B clause 1: inserted, on 9 May 2023, by section 64 of the Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act 2022 (2022 No 19).
2. Good faith and due care and diligence
A body corporate manager must act in good faith, exercise due care and diligence, and not make improper use of the position.
Schedule 1B clause 2: inserted, on 9 May 2023, by section 64 of the Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act 2022 (2022 No 19).
3. Complying with Act and this code
A body corporate manager must comply with—
(a) .all relevant requirements of the Act, these regulations, including this code, and other legislation applicable to the body corporate for which the manager has responsibility (including financial management and reporting responsibilities); and
(b). the requirements of the Act and these regulations, including this code, applicable to body corporate managers.
Schedule 1B clause 3: inserted, on 9 May 2023, by section 64 of the Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act 2022 (2022 No 19).
4. Acquiring understanding of Act and this code
A body corporate manager must acquire a good understanding of the Act, these regulations, including this code of conduct, and other legislation and issues on which they are advising, or in relation to which they are acting on behalf of, the body corporate.
Schedule 1B clause 4: inserted, on 9 May 2023, by section 64 of the Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act 2022 (2022 No 19).
5. Conflicts of interest
A body corporate manager must, as soon as practicable after becoming aware of any conflict of interest, disclose the conflict of interest to the body corporate committee or, if there is no committee, to the chairperson.
Schedule 1B clause 5: inserted, on 9 May 2023, by section 64 of the Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act 2022 (2022 No 19).
6. Significant developments and issues
A body corporate manager must keep the body corporate informed of any significant development or issue relating to an activity that the manager performs for the body corporate.
Schedule 1B clause 6: inserted, on 9 May 2023, by section 64 of the Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act 2022 (2022 No 19).
7. Employees of body corporate managers
A body corporate manager must take reasonable steps to ensure that any person they employ, contract, or engage complies with the Act and these regulations.
Schedule 1B clause 7: inserted, on 9 May 2023, by section 64 of the Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act 2022 (2022 No 19).
8. Competitive prices
A body corporate manager must ensure that the goods and services they provide are supplied at competitive prices.
Schedule 1B clause 8: inserted, on 9 May 2023, by section 64 of the Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act 2022 (2022 No 19).
9. Record keeping
A body corporate manager must keep records in accordance with the requirements of the Act and these regulations applicable to—
(a). the body corporate for which the manager has responsibility; and
(b). the body corporate committee for which the manager has responsibility; and
(c). body corporate managers.