Body Corporate and Community Management Act 1997
sec.381Adjustment if a lot in existing scheme has been subdivided
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sec.381 Adjustment if a lot in existing scheme has been subdivided
This section applies if a lot (the pre-subdivision lot ) in an existing scheme as it was when the pre-adjustment order entitlements for the scheme were decided comprises 2 or more lots (the post-subdivision lots ) when a relevant decision is made in relation to the scheme. The changed entitlements for the existing scheme must apportion the pre-adjustment order entitlement for the pre-subdivision lot between the post-subdivision lots according to the respective market values of the post-subdivision lots, except to the extent to which it is just and equitable in the circumstances for the individual contribution schedule lot entitlements for the post-subdivision lots not to reflect the respective market values of the lots. In this section— pre-adjustment order entitlement , for the pre-subdivision lot, means the proportion of the pre-adjustment order entitlements for the existing scheme attributable to the pre-subdivision lot. s 381 ins 2011 No. 9 s 41 (sec.381-ssec.1) This section applies if a lot (the pre-subdivision lot ) in an existing scheme as it was when the pre-adjustment order entitlements for the scheme were decided comprises 2 or more lots (the post-subdivision lots ) when a relevant decision is made in relation to the scheme. (sec.381-ssec.2) The changed entitlements for the existing scheme must apportion the pre-adjustment order entitlement for the pre-subdivision lot between the post-subdivision lots according to the respective market values of the post-subdivision lots, except to the extent to which it is just and equitable in the circumstances for the individual contribution schedule lot entitlements for the post-subdivision lots not to reflect the respective market values of the lots. (sec.381-ssec.3) In this section— pre-adjustment order entitlement , for the pre-subdivision lot, means the proportion of the pre-adjustment order entitlements for the existing scheme attributable to the pre-subdivision lot.