Tuesday, September 29, 2020

Body Corporate And Community Management Act 1997

Chapter 2
Part 5
Section 47

Application of lot entitlements | Section 47

(1)This section states the general principles for the application of lot entitlements to a community titles scheme, but has effect subject to provisions of this Act providing more specifically for the application of lot entitlements.

(2)The contribution schedule lot entitlement for a lot is the basis for calculating—

(a)the lot owner’s share of amounts levied by the body corporate, unless the extent of the lot owner’s obligation to contribute to a levy for a particular purpose is specifically otherwise provided for in this Act; and

Note—

The regulation module applying to a community titles scheme might provide that a lot owner’s contribution to some or all of the insurance required to be put in place by the body corporate is to be calculated on the basis of the lot’s interest schedule lot entitlement.

(b)other than for the owner of a lot included in a specified two-lot scheme, the value of the lot owner’s vote for voting on an ordinary resolution if a poll is conducted for voting on the resolution.

(3)The interest schedule lot entitlement for a lot is the basis for calculating—

(a)the lot owner’s share of common property; and

(b)the lot owner’s interest on termination of the scheme, including the lot owner’s share in body corporate assets on termination of the scheme; and

(c)the value of the lot, for the purpose of a charge, levy, rate or tax that is payable directly to a local government, the Commissioner of State Revenue appointed under the Taxation Administration Act 2001 or other authority and that is calculated and imposed on the basis of value.

(4)Neither the contribution schedule lot entitlement nor the interest schedule lot entitlement for a lot is used for the calculation of the liability of the owner or occupier of the lot for the supply of a utility service to the lot if the amount of the utility service supplied to each lot is capable of separate measurement, and the owner or occupier is billed directly.

© 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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