Definitions for "Levies"
The Body Corporate is obliged to maintain a fund sufficient to meet its obligations. Each proprietor's levy is his or her contribution to the Administration Fund. Some important things to know about Levies are: The amount of the Administration Fund will be determined at each Annual General Meeting. Each proprietor's contribution or levy is based on their unit entitlement for the principal and accessory units owned. If a levy is overdue at the time of a General Meeting, voting rights are denied.
Levies are sums of money, similar to a tax, which are added to the purchase price of an object or service. In the context of digital distribution, levies are used as a means of collecting money due to rights holders from use of their intellectual property.