(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
(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.