Div 2Lot entitlement

Division 2—Lot entitlement 20—Lot entitlement (1) The lot entitlement of a community lot is a number assigned to the lot that bears in relation to the aggregate of the lot entitlements of all of the community lots defined on the community plan (within a tolerance of plus or minus 10 per cent) the same proportion that the value of the lot bears to the aggregate value of those lots.1 (2) The lot entitlement of a lot must be expressed as a whole number. (3) The regulations may provide that the aggregate of the lot entitlements of all the community lots defined on a plan must be equal to a number fixed by the regulations. (4) The unimproved value of the lots will be used to establish lot entitlements. (5) In the case of a strata lot this will be taken to include the value of the part of the building containing or comprising the lot without taking into account the value of fixtures or other improvements. 1 Lot entitlements determine the shares in which lot owners make monetary contributions to the community corporation and are responsible for liabilities of the corporation and the shares in which the assets of the corporation are divided on cancellation. 21—Application to amend schedule of lot entitlements (1) A community corporation may apply to the Registrar-General to amend the schedule of lot entitlements. (2) The application must be in a form approved by the Registrar-General and must be accompanied by— (b) a new schedule of lot entitlements in a form approved by the Registrar-General certified correct by a land valuer (the Registrar-General may refuse to accept the schedule if it was certified to be correct more than six months before the application was lodged). (3) The corporation must provide evidence to the satisfaction of the Registrar-General that the application is made in pursuance of a unanimous resolution of the community corporation. (4) The corporation must provide evidence to the satisfaction of the Registrar-General that the following persons have given their consent to the proposed amendment: (a) a person who is the owner of a community lot at the relevant time but who did not have the opportunity of voting against the resolution of the corporation authorising the proposed amendment because he or she was not a member of the corporation when the vote was taken; and (b) a prospective owner at the relevant time of a community lot; and (c) a registered encumbrancee or prospective encumbrancee at the relevant time of a community lot; and (d) the persons referred to in subsection (5). (5) The consents of the following persons are also required: (a) where the corporation is a primary corporation and a primary lot is divided by a secondary plan— (i) a person who is the owner of a secondary lot at the relevant time but who did not have the opportunity of voting against the proposed amendment because he or she was not a member of the secondary corporation when the vote was taken; and (ii) a prospective owner at the relevant time of a secondary lot; and (iii) a registered encumbrancee or prospective encumbrancee at the relevant time of a secondary lot; and (b) where the corporation is a primary corporation and a primary lot is divided by a secondary plan and a secondary lot created by that plan is divided by a tertiary plan or where the corporation is a secondary corporation and a secondary lot is divided by a tertiary plan— (i) a person who is the owner of a tertiary lot at the relevant time but who did not have the opportunity of voting against the proposed amendment because he or she was not a member of the tertiary corporation when the vote was taken; and (ii) a prospective owner at the relevant time of a tertiary lot; and (iii) a registered encumbrancee or prospective encumbrancee at the relevant time of a tertiary lot. (6) The consent of a registered encumbrancee is not required under this section in relation to an easement registered in his or her name. (7) The consent of the owner or encumbrancee of a lot is not required under this section if, before the relevant time, an instrument had been presented for registration at the Lands Titles Registration Office on the registration of which that person would cease to be the owner or an encumbrancee of the lot. (8) The consent of an encumbrancee of a lot is not required under this section if the proportion that the new lot entitlement of the lot bears to the aggregate of the new lot entitlements of all the lots is within a range of plus or minus ten per cent of the proportion that the value of the lot bears to the aggregate values of all of the lots based on the valuations used when preparing the previous schedule of lot entitlements. (9) If the requirements of this section are satisfied, the Registrar-General must substitute the new schedule of lot entitlements for the previous schedule. (10) In this section— prospective encumbrancee in relation to a lot means a person who will hold a registered encumbrance (not being an easement) over the lot on registration of an instrument that has been presented for registration at the Lands Titles Registration Office but has not been registered; prospective owner in relation to a lot means a person who will be the owner of the lot on registration of a transfer that has been presented for registration at the Lands Titles Registration Office but has not been registered; relevant time means the time at which the application for amendment of the schedule of lot entitlements is lodged with the Registrar-General by the community corporation.