Some developments have several Owners Corporations to better assist in sharing rights, responsibilities and costs. This is common in buildings that have a mix of homes, shops and commercial use.
In this instance each and every owner will be represented in an unlimited Owners Corporation and at least one limited Owners Corporation.
The unlimited Owners Corporation will recover costs which benefit every owner whereas the limited Owners Corporation will recover certain costs which only benefit a limited number of owners.
The limited Owners Corporation will also limit access to common property which is essentially for use by members of the limited Owners Corporation.
These Owners Corporations are specifically identified in the Plan of Subdivision which is prepared at the development stage by a professional surveyor and registered with Land Victoria.