(1)A lot entitlement, for a lot included in a community titles scheme, means the number allocated to the lot in the contribution schedule or interest schedule in the community management statement.
(2)The contribution schedule is the schedule in a community management statement containing each lot’s contribution schedule lot entitlement.
(3)The interest schedule is the schedule in a community management statement containing each lot’s interest schedule lot entitlement.
(4)The contribution schedule lot entitlement, for a lot, means the number allocated to the lot in the contribution schedule.
(5)The interest schedule lot entitlement, for a lot, means the number allocated to the lot in the interest schedule.
(6)A lot entitlement must be a whole number, but must not be 0.
(7)For the contribution schedule for a community titles scheme established after the commencement of this subsection, the respective lot entitlements must be consistent with either—
(a)the equality principle; or
(b)the relativity principle.
(8)For the interest schedule for a community titles scheme established after the commencement of this subsection, the respective lot entitlements must be consistent with the market value principle.
(9)In deciding the contribution schedule lot entitlements for a community titles scheme under subsection (7)(a), or the interest schedule lot entitlements for a community titles scheme under subsection (8), regard must be had to—
(a)how the scheme is structured; and
(b)the nature, features and characteristics of the lots included in the scheme; and
(c)the purposes for which the lots are used.
(10)A change to a lot entitlement takes effect on the recording of a new community management statement incorporating the change.