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In general terms, the principals of a corporation are the owners or investors, referred to as shareholders or stockholders. The agents of the corporation are generally considered to be the board of directors, officers or other persons the corporation authorizes to act on its behalf.
Every owner of a flat or lot held under a unit title automatically belongs to it. The purpose of a body corporate is to enable the owners of the units to be jointly responsible for the insurance for, and maintenance of, the common areas (e.g. the building and grounds). The body corporate also sets the rules about things like how common areas can be used and how much the annual fees are. The Tenancy Services website has more information about the responsibilities of a body corporate and about body corporate governance. HOBANZ also has a guide to body corporates.