Australian property law term for the legal entity formed by all the owners of lots in a strata-title development — apartments, townhouses, or mixed-use complexes. Equivalent to a 'body corporate' in other Australian states or a 'homeowners association' in the US. The owners corporation manages shared spaces, sets levies, enforces by-laws, and generally makes decisions that affect everyone in the building. A term every Australian apartment dweller will eventually become painfully familiar with.
The owners corporation voted to install a new intercom system after residents complained about security issues in the lobby.
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(Australia) A body corporate.
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