Queensland Consolidated Acts

BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 50

(1) This section applies if the owners of 2 or more lots included in a community titles scheme--

(a) agree in writing to change the lot entitlements of the lots; and

(b) under the agreed change (the change), the total lot entitlements of the lots subject to the change (the changing lots) is not affected; and

(c) the registered mortgagee and lessee (if any) of each of the changing lots has consented to the change; and

(d) the owners of the changing lots have advised the body corporate in writing of the change.

(2) The body corporate must, as quickly as practicable, lodge a request to record a new community management statement reflecting the adjustment agreed to.

Maximum penalty--100 penalty units.

(3) The new statement must be prepared and recorded at the expense of the owners of the changing lots.