sec.46Lot entitlements

sec.46 Lot entitlements

A 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. The contribution schedule is the schedule in a community management statement containing each lot’s contribution schedule lot entitlement. The interest schedule is the schedule in a community management statement containing each lot’s interest schedule lot entitlement. The contribution schedule lot entitlement , for a lot, means the number allocated to the lot in the contribution schedule. The interest schedule lot entitlement , for a lot, means the number allocated to the lot in the interest schedule. A lot entitlement must be a whole number, but must not be 0. 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— the equality principle; or the relativity principle. 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. 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— how the scheme is structured; and the nature, features and characteristics of the lots included in the scheme; and the purposes for which the lots are used. A change to a lot entitlement takes effect on the recording of a new community management statement incorporating the change. s 46 amd 2003 No. 6 s 10 ; 2011 No. 9 s 4 (sec.46-ssec.1) A 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. (sec.46-ssec.2) The contribution schedule is the schedule in a community management statement containing each lot’s contribution schedule lot entitlement. (sec.46-ssec.3) The interest schedule is the schedule in a community management statement containing each lot’s interest schedule lot entitlement. (sec.46-ssec.4) The contribution schedule lot entitlement , for a lot, means the number allocated to the lot in the contribution schedule. (sec.46-ssec.5) The interest schedule lot entitlement , for a lot, means the number allocated to the lot in the interest schedule. (sec.46-ssec.6) A lot entitlement must be a whole number, but must not be 0. (sec.46-ssec.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— the equality principle; or the relativity principle. (sec.46-ssec.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. (sec.46-ssec.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— how the scheme is structured; and the nature, features and characteristics of the lots included in the scheme; and the purposes for which the lots are used. (sec.46-ssec.10) A change to a lot entitlement takes effect on the recording of a new community management statement incorporating the change.