Shareholders
Wychbury Exterior
Shareholders must observe:
(i) the Building Regulations; and
(ii) the Wychbury Rules and Regulations.
Wychbury Pty Ltd – Building Regulations
Wychbury Rules and Regulations approved 11 3 09
Wychbury’s Memorandum and Articles of Association
Wychbury Pty Limited – Memo & Arts
What is company title?
Company title pre-dates strata title which was introduced in New South Wales in 1961. Under company title, the company owns the building and land. Shares are held in groups corresponding to the comparative value of the units.
The proprietor of a group of shares has the right to exclusive possession of his or her unit (subject to the Memorandum and Articles of Association of the Company). The owner does not have a title deed but rather a Share Certificate. Company Title proprietors own shares, where strata title proprietors own title to actual space each, corresponding to their unit.
Under Company Title, groups of shares (corresponding to units) may be bought and sold in a manner that may appear similar way to when strata title units are bought and sold, but there are important differences.
The differences from transfer of strata title units include:-
(i) under company title what is transferred is a group of shares; and
(ii) prospective proprietors or shareholders must be approved by the Board of Directors of the company as a condition prior to settlement of the unit purchase and the share transfer to be registered.
Wychbury is a company title building and its Memorandum and Articles of Association are a contract between the company and the shareholders regulating the relationship between the company and its shareholders (subject to the Corporations Act 2001).
The rights given by the Memorandum and Articles of Association to shareholders and approved tenants to occupy units are subject to their observing the Wychbury Rules and Regulations.
Moving
Before moving in or out of Wychbury, all residents must first inform the Board as to the proposed date and time. Residents and must at all times comply with the Wychbury Rules and Regulations in the process of moving. Further, lift curtains must be used when moving. The Foyer must be protected – by drop sheets if necessary. For security reasons, the front doors of the building must only remain open for such time as is necessary.
Renovations
Prior to any renovations, shareholders must apply to the Board of Directors for consent.
The Board of Directors has a prescribed form which should be completed by the shareholder.
The Board of Directors reserves the right to obtain a bond from shareholders to be held by Wychbury Pty Limited for in the event of any damage to the building.
Fire
Shareholders must comply with the Wychbury Fire Procedures.
Garbage
Garbage may only emptied at the bins on the western side of the building at the permitted times.
Body Corporate Services
Wychbury’s managing agent is Body Corporate Services.
Glenn Clement – Building Manager – BCS – Ph:- 8216 0397
