What are the duties of an Owners Corporation?

In general terms, the owners corporation should manage and administer works on the common property areas and enforce, the related Rules and Regulations, and By-Laws. 
Accordingly, it is the duty of the owners corporation to ensure the areas and facilities it is responsible for are maintained in a serviceable state, undertaking all relative administration tasks, including obtaining comparative quotations for repair works and / or improvement works as necessary.

Maintenance of facilities extends also to the common area chattels, fixtures and fittings, ensuring attention is given to lifts, fire escapes, and all apparatus/equipment services for which an easement exists (eg. Service meters, such as gas, electricity, water etc.).

The insurance cover placed on the building is also the responsibility of the owners corporation, ensuring the appropriate policy is maintained; requiring both a review of the previous years cover and prompt payment of the relevant premium.