Friday, October 2, 2020

Body Corporate And Community Management Act 1997

Chapter 8
Part 9
Division 4
Section 381

Adjustment if a lot in existing scheme has been subdivided | Section 381

(1)This section applies if a lot (the pre-subdivision lot) in an existing scheme as it was when the pre-adjustment order entitlements for the scheme were decided comprises 2 or more lots (the post-subdivision lots) when a relevant decision is made in relation to the scheme.

(2)The changed entitlements for the existing scheme must apportion the pre-adjustment order entitlement for the pre-subdivision lot between the post-subdivision lots according to the respective market values of the post-subdivision lots, except to the extent to which it is just and equitable in the circumstances for the individual contribution schedule lot entitlements for the post-subdivision lots not to reflect the respective market values of the lots.

(3)In this section—

pre-adjustment order entitlement, for the pre-subdivision lot, means the proportion of the pre-adjustment order entitlements for the existing scheme attributable to the pre-subdivision lot.

© Sourced from the Queensland Legislation website at 1 April 2020. For the latest information on Queensland Government legislation please go to https://www.legislation.qld.gov.au.

Disclaimer: Reproduced from the Body Corporate and Community Management Act 1997. This website does not give legal advice or other professional advice. You should seek legal or other professional advice before acting and not rely on any of the content on this website.

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