sec.48Adjustment of interest schedule

sec.48 Adjustment of interest schedule

The owner of a lot in a community titles scheme may apply— under chapter 6 , for an order of a specialist adjudicator for the adjustment of an interest schedule; or as provided under the QCAT Act , for an order of QCAT exercising the tribunal’s original jurisdiction for the adjustment of an interest schedule. Despite any other law or statutory instrument, the respondent to an application mentioned in subsection (1) is the body corporate. The body corporate must be given notice of the application under— for an application to a specialist adjudicator under chapter 6 — section 243 ; or for an application to QCAT as provided under the QCAT Act —the QCAT Act , section 37 . If the owner applies under chapter 6 for an order of a specialist adjudicator— at the election of another owner of a lot in the scheme, the other owner may be joined as a respondent to the application; and each party to the application is responsible for the party’s own costs of the application. An owner who elects, under subsection (3) (a) , to become a respondent to the application must give written notice of the election to the body corporate. The order of the specialist adjudicator or QCAT must be consistent with the market value principle, as applied in relation to the respective market values of the lots included in the scheme when the order is made. If the specialist adjudicator or QCAT orders an adjustment of the interest schedule, the body corporate must, as quickly as practicable, lodge a request to record a new community management statement incorporating the adjustment ordered. Maximum penalty for subsection (6) —100 penalty units. Under section 46 (10) , a change to a lot entitlement takes effect on the recording of the new community management statement incorporating the change. s 48 amd 1999 No. 19 s 3 sch ; 2003 No. 6 s 11 ; 2007 No. 11 s 5 ; 2009 No. 24 s 358 ; 2011 No. 9 s 8 (sec.48-ssec.1) The owner of a lot in a community titles scheme may apply— under chapter 6 , for an order of a specialist adjudicator for the adjustment of an interest schedule; or as provided under the QCAT Act , for an order of QCAT exercising the tribunal’s original jurisdiction for the adjustment of an interest schedule. (sec.48-ssec.2) Despite any other law or statutory instrument, the respondent to an application mentioned in subsection (1) is the body corporate. The body corporate must be given notice of the application under— for an application to a specialist adjudicator under chapter 6 — section 243 ; or for an application to QCAT as provided under the QCAT Act —the QCAT Act , section 37 . (sec.48-ssec.3) If the owner applies under chapter 6 for an order of a specialist adjudicator— at the election of another owner of a lot in the scheme, the other owner may be joined as a respondent to the application; and each party to the application is responsible for the party’s own costs of the application. (sec.48-ssec.4) An owner who elects, under subsection (3) (a) , to become a respondent to the application must give written notice of the election to the body corporate. (sec.48-ssec.5) The order of the specialist adjudicator or QCAT must be consistent with the market value principle, as applied in relation to the respective market values of the lots included in the scheme when the order is made. (sec.48-ssec.6) If the specialist adjudicator or QCAT orders an adjustment of the interest schedule, the body corporate must, as quickly as practicable, lodge a request to record a new community management statement incorporating the adjustment ordered. Maximum penalty for subsection (6) —100 penalty units. Under section 46 (10) , a change to a lot entitlement takes effect on the recording of the new community management statement incorporating the change.