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Section:3. (1)(b)

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Functions of bodies corporate

3. (1) A body corporatein relation to a building and the land in a sectional title scheme, means the body corporate of that building referred to in section 2(1); must perform the functions entrusted to it by or under this Act or the rulesin relation to a building which is divided into sections and common property, means the management rules and conduct rules referred to in section 10(2)(a) and (b), respectively;, and such functions include—
(b) to establish and maintain a reserve fund in such amounts as are reasonably sufficient to cover the cost of future maintenance and repair of common property, in relation to a scheme, means— (a) the land included in the scheme; (b) such parts of the building or buildings as are not included in a section; and (c) land referred to in section 5(1)(d); but not less than such amounts as may be prescribed by the Minister;