BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 51B
Limited adjustment of lot entitlement schedule—after subdivision of lot
BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 51B
Limited adjustment of lot entitlement schedule—after subdivision of lot
51B Limited adjustment of lot entitlement schedule—after subdivision of lot
(1) This section applies if a lot in a community titles scheme (the
"pre-subdivision lot" ) is subdivided into 2 or more lots (the
"post-subdivision lots" ).
(2) However, this section does not apply to—
(a)
the subdivision of a lot in a community titles scheme intended to be developed
progressively if the circumstances mentioned in section 57(2) or (3) apply to
the scheme in relation to the subdivision; or
(i) consistently with the deciding principle for the lot entitlement; or
(ii)
if there is no apparent deciding principle for the lot entitlement—according
to the respective market values of the lots, except to the extent to which it
is just and equitable in the circumstances for the individual lot entitlements
not to reflect the respective market values of the lots; and
(b) give the
body corporate written notice of the lot entitlements for the
post-subdivision lots.
(4) If the body corporate is given written notice
under subsection (3) (b) , the body corporate must, as quickly as practicable,
lodge a request to record a new community management statement incorporating
the change.