In Part 8 of this newsletter we looked at the role of the executive managing agent.
In Part 9 we will look at the role and appointment of an administator of a scheme.
An administrator is a person appointed by a Magistrate or Judge if, in their opinion, the body corporate has been seriously mismanaged, either financially or administratively.
An administrator should only be appointed in the most dire circumstances, since placing a scheme under administration will, amongst other things, affect the resale value of units.
Certain fundamental rights and powers of the members of the body corporate and all the trustees powers are suspended for a period of time, and placed solely in the hands of the administrator.
An administrator must manage and administer the scheme strictly according to the Act and provisions of the Order of the Court, which sets out the details of the time period for which the administrator is appointed, what he will be paid and the duties that he must perform.
Article courtesy of Marina Constas and Karen Bleijs Demystifying Sectional Title
In Part 10 of this newsletter we will look at the body corporate insurance broker.