Tuesday, September 22, 2020

Body Corporate And Community Management Act 1997

Chapter 2
Part 5
Section 48

Adjustment of interest schedule | Section 48

(1)The owner of a lot in a community titles scheme may apply—

(a)under chapter 6, for an order of a specialist adjudicator for the adjustment of an interest schedule; or

(b)as provided under the QCAT Act, for an order of QCAT exercising the tribunal’s original jurisdiction for the adjustment of an interest schedule.

(2)Despite any other law or statutory instrument, the respondent to an application mentioned in subsection (1) is the body corporate.

Note—

The body corporate must be given notice of the application under—

(a)for an application to a specialist adjudicator under chapter 6section 243; or

(b)for an application to QCAT as provided under the QCAT Act—the QCAT Act, section 37.

(3)If the owner applies under chapter 6 for an order of a specialist adjudicator—

(a)at the election of another owner of a lot in the scheme, the other owner may be joined as a respondent to the application; and

(b)each party to the application is responsible for the party’s own costs of the application.

(4)An owner who elects, under subsection (3)(a), to become a respondent to the application must give written notice of the election to the body corporate.

(5)The order of the specialist adjudicator or QCAT must be consistent with the market value principle, as applied in relation to the respective market values of the lots included in the scheme when the order is made.

(6)If the specialist adjudicator or QCAT orders an adjustment of the interest schedule, the body corporate must, as quickly as practicable, lodge a request to record a new community management statement incorporating the adjustment ordered.

Maximum penalty for subsection (6)—100 penalty units.

Note—

Under section 46(10), a change to a lot entitlement takes effect on the recording of the new community management statement incorporating the change.

© 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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