22Shares in association property

22 Shares in association property

22 Shares in association property

(1) An association for a scheme holds association property in the scheme as agent for the following as tenants in common—

(a) the owners of the development lots or neighbourhood lots in the scheme, other than lots in a subsidiary scheme,

(b) any subsidiary body for a subsidiary scheme comprising a former development lot in the scheme.

(2) The shares in the association property are proportional—

(a) for owners of development lots or neighbourhood lots, to the unit entitlement of the lots, and

(b) for a subsidiary body, to the unit entitlement of the former development lot.