21 Jul 2015
VERMILLION WAGENER LIMITED, TREMONT HOLDINGS LIMITED, SAGE PROPERTY MANAGEMENT LIMITED AND TMT AMENITIES LIMITED V BODY CORPORATE 401803 CA150/2015 [2015] NZCA 313
- Citation
- (2015) 16 NZCPR 483
- Court
- Court of Appeal
The guarantees were ultra vires because no statutory duty or valid rule authorised the Body Corporate to assume primary, non‑subrogated long‑term rental liabilities; the amended rules and agreements could not supply an underlying duty and the guarantees were not objectively reasonably necessary to perform the Body Corporate's statutory or rule‑based duties, so the appeal is dismissed.