Thursday, October 1, 2020

Body Corporate And Community Management Act 1997

Chapter 2
Part 5
Section 50

Limited adjustment of lot entitlement schedule—with agreement of owners of 2 or more lots | Section 50

(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

(b)under the agreed change (the change), the total lot entitlements of the lots subject to the change (the changing lots) is not affected; 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.

© 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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