Friday, September 25, 2020

Body Corporate And Community Management Act 1997

Chapter 2
Part 5
Section 46

Lot entitlements | Section 46

(1)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.

© 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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