COMMUNITY LAND MANAGEMENT ACT 1989 - SECT 53
Value of interests of members of an association
COMMUNITY LAND MANAGEMENT ACT 1989 - SECT 53
Value of interests of members of an association
53 Value of interests of members of an association
(1) The comparative value of the relevant interests of the members of a
community association or a precinct association is the same as the proportion
that is borne to the total unit entitlement for the community scheme or
precinct scheme-- (a) in the case of a member who is proprietor of a
development lot--by the unit entitlement for the development lot, or
(b) in
the case of a member that is a precinct association, a
neighbourhood association or a strata corporation--by the unit entitlement for
the former development lot that is subject to the precinct scheme,
neighbourhood scheme or strata scheme.
(2) The comparative value of the
relevant interests of the members of a neighbourhood association is the same
as the proportion that is borne to the total unit entitlement for the
neighbourhood scheme by the respective unit entitlements for the
neighbourhood lots.
(3) In this section--
"relevant interest" in relation to a member, means-- (a) the value of the
member's vote on a poll at a meeting of the association, or
(b) the amount of
a levy on the member in relation to the total levies on all members of the
association, or
(c) the interest of the member in the association property,
or
(d) the interest of the member in an amount of surplus funds being
distributed by the association, or
(e) the interest of the member in the
community parcel, precinct parcel, neighbourhood parcel or strata parcel on
termination of the applicable scheme.