sec.411Request for adjustment—specified two-lot scheme

sec.411 Request for adjustment—specified two-lot scheme

This section applies to a community titles scheme— to which this subdivision applies; and that is a specified two-lot scheme. The owner of a lot included in the scheme may give written, dated notice (the notice ) to the owner (the other owner ) of the other lot included in the scheme, proposing an adjustment of the contribution schedule lot entitlements for the lots included in the scheme to reflect the last adjustment order entitlements for the scheme, as modified, if applicable, under subdivision 5. The notice must— identify the last adjustment order entitlements for the scheme; and be accompanied by written evidence of the last adjustment order entitlements for the scheme; and state the modification, if any, required to be made under subdivision 5 to the last adjustment order entitlements; and invite the other owner to identify, in writing within 28 days (the submission period ) after the date of the notice, what modification, if any, is required to be made to the proposed entitlements under subdivision 5. Within 90 days after the submission period ends, the body corporate must, after considering any submission made during the submission period, decide what modification, if any, is required to be made under subdivision 5 to the last adjustment order entitlements for the scheme. Within 30 days after making its decision under subsection (4), the body corporate must lodge a request to record a new community management statement for the scheme incorporating the last adjustment order entitlements for the scheme, as modified, if applicable, under subdivision 5 (the changed entitlements ). Maximum penalty—100 penalty units. Under section 46(10), a change to a lot entitlement takes effect on the recording of a new community management statement incorporating the change. However, subsection (5) does not apply if, before the end of the 30 day period— an owner of a lot included in the scheme makes an application under section 412; and the specialist adjudicator or QCAT makes an order under section 413. s 411 ins 2013 No. 11 s 13 (sec.411-ssec.1) This section applies to a community titles scheme— to which this subdivision applies; and that is a specified two-lot scheme. (sec.411-ssec.2) The owner of a lot included in the scheme may give written, dated notice (the notice ) to the owner (the other owner ) of the other lot included in the scheme, proposing an adjustment of the contribution schedule lot entitlements for the lots included in the scheme to reflect the last adjustment order entitlements for the scheme, as modified, if applicable, under subdivision 5. (sec.411-ssec.3) The notice must— identify the last adjustment order entitlements for the scheme; and be accompanied by written evidence of the last adjustment order entitlements for the scheme; and state the modification, if any, required to be made under subdivision 5 to the last adjustment order entitlements; and invite the other owner to identify, in writing within 28 days (the submission period ) after the date of the notice, what modification, if any, is required to be made to the proposed entitlements under subdivision 5. (sec.411-ssec.4) Within 90 days after the submission period ends, the body corporate must, after considering any submission made during the submission period, decide what modification, if any, is required to be made under subdivision 5 to the last adjustment order entitlements for the scheme. (sec.411-ssec.5) Within 30 days after making its decision under subsection (4), the body corporate must lodge a request to record a new community management statement for the scheme incorporating the last adjustment order entitlements for the scheme, as modified, if applicable, under subdivision 5 (the changed entitlements ). Maximum penalty—100 penalty units. Under section 46(10), a change to a lot entitlement takes effect on the recording of a new community management statement incorporating the change. (sec.411-ssec.6) However, subsection (5) does not apply if, before the end of the 30 day period— an owner of a lot included in the scheme makes an application under section 412; and the specialist adjudicator or QCAT makes an order under section 413.