sec.51Limited adjustment of lot entitlement schedule—after formal acquisition of part of scheme land

sec.51 Limited adjustment of lot entitlement schedule—after formal acquisition of part of scheme land

This section applies if a constructing authority— by written notice, advises the body corporate for a community titles scheme, other than a specified two-lot scheme, that 4 months after the notice is given the authority proposes to lodge— a new plan of subdivision for the scheme as required under the Acquisition of Land Act 1967 , section 12A ; and a request to record a new community management statement for the scheme as required under section 56 (1) and the Land Title Act , section 115J ; and with the notice mentioned in paragraph (a) , gives to the body corporate— a copy of the proposed new plan of subdivision; and independent professional advice (the lot entitlement adjustment advice ) from an appropriate person about any changes, subject to subsection (3) , required to the lot entitlement schedules for the scheme to take account of the boundary change shown in the proposed new plan of subdivision; and lawyer registered valuer a copy of the proposed new community management statement prepared by the constructing authority to reflect the formal acquisition for which the proposed new plan of subdivision is to be lodged. For the adjustment of the lot entitlement schedules for a specified two-lot scheme in similar circumstances, see section 51A . Within 3 months after receiving the notice under subsection (1) and before consenting to the new community management statement, the body corporate must call and hold a general meeting of its members to decide any changes to the proposed new community management statement to take account of the boundary change. Any required changes set out in the lot entitlement adjustment advice must— be consistent with the deciding principle for the lot entitlements, and be just and equitable to the extent the deciding principle allows; or if there is no apparent deciding principle for the lot entitlements— for contribution schedule lot entitlements—be just and equitable; or for interest schedule lot entitlements—be consistent with the market value principle. The notice of the meeting must state or be accompanied by a copy of the lot entitlement adjustment advice. Within 4 months after receiving the notice under subsection (1) , the body corporate must— do both of the following— endorse the body corporate’s consent on the new community management statement; give the constructing authority the endorsed new community management statement; or give the constructing authority a written notice stating— that the body corporate will consent to the new community management statement if changes are made to the statement; and the changes that the body corporate wants made to the statement; or give the constructing authority written notice that the body corporate does not consent to the new community management statement. If the body corporate gives the constructing authority an endorsed new community management statement under subsection (5) (a) , the constructing authority may lodge a request to record the endorsed new statement. If subsection (6) does not apply and 4 months have passed since the constructing authority gave the body corporate the notice under subsection (1) , the constructing authority may lodge a request to record a new community management statement that— if the body corporate has given the constructing authority a written notice under subsection (5) (b) —includes the changes requested by the body corporate, and is different to the proposed new community management statement mentioned in subsection (1) (b) (iii) only to the extent it includes those changes and changes of no substance (if any); or if paragraph (a) does not apply—is the same as the proposed new community management statement mentioned in subsection (1) (b) (iii) , or is different only to the extent that it includes changes of no substance. Before lodging a request to record a new community management statement under subsection (7) , the constructing authority must sign and date the new statement. The registrar may record a new community management statement mentioned in subsection (7) despite section 54 (2) and the Land Title Act , section 115K (1) (d) . The constructing authority is responsible for the costs of— obtaining advice for the purposes of this section, including lot entitlement adjustment advice; and preparing and recording the new community management statement under this section. For applying the Acquisition of Land Act 1967 , section 20 , the economic losses and costs incurred by a body corporate or lot owner as a direct and natural consequence of the formal acquisition may include the economic losses and costs incurred for any of the following— obtaining independent professional advice from an appropriate person about any changes, subject to subsection (3) , required to the lot entitlement schedules for the scheme to reflect the formal acquisition; lawyer registered valuer holding or attending the meeting in response to the notice given by the constructing authority under subsection (1) for the proposed new plan of subdivision required to reflect the formal acquisition; obtaining under section 47B or 48 an order of a specialist adjudicator or QCAT to change the contribution schedule lot entitlements, or interest schedule lot entitlements, for the lots included in the scheme following the recording of the new community management statement under this section to reflect the formal acquisition. s 51 ins 2003 No. 6 s 13 amd 2011 No. 9 s 11 ; 2013 No. 25 s 5 (sec.51-ssec.1) This section applies if a constructing authority— by written notice, advises the body corporate for a community titles scheme, other than a specified two-lot scheme, that 4 months after the notice is given the authority proposes to lodge— a new plan of subdivision for the scheme as required under the Acquisition of Land Act 1967 , section 12A ; and a request to record a new community management statement for the scheme as required under section 56 (1) and the Land Title Act , section 115J ; and with the notice mentioned in paragraph (a) , gives to the body corporate— a copy of the proposed new plan of subdivision; and independent professional advice (the lot entitlement adjustment advice ) from an appropriate person about any changes, subject to subsection (3) , required to the lot entitlement schedules for the scheme to take account of the boundary change shown in the proposed new plan of subdivision; and lawyer registered valuer a copy of the proposed new community management statement prepared by the constructing authority to reflect the formal acquisition for which the proposed new plan of subdivision is to be lodged. For the adjustment of the lot entitlement schedules for a specified two-lot scheme in similar circumstances, see section 51A . (sec.51-ssec.2) Within 3 months after receiving the notice under subsection (1) and before consenting to the new community management statement, the body corporate must call and hold a general meeting of its members to decide any changes to the proposed new community management statement to take account of the boundary change. (sec.51-ssec.3) Any required changes set out in the lot entitlement adjustment advice must— be consistent with the deciding principle for the lot entitlements, and be just and equitable to the extent the deciding principle allows; or if there is no apparent deciding principle for the lot entitlements— for contribution schedule lot entitlements—be just and equitable; or for interest schedule lot entitlements—be consistent with the market value principle. (sec.51-ssec.4) The notice of the meeting must state or be accompanied by a copy of the lot entitlement adjustment advice. (sec.51-ssec.5) Within 4 months after receiving the notice under subsection (1) , the body corporate must— do both of the following— endorse the body corporate’s consent on the new community management statement; give the constructing authority the endorsed new community management statement; or give the constructing authority a written notice stating— that the body corporate will consent to the new community management statement if changes are made to the statement; and the changes that the body corporate wants made to the statement; or give the constructing authority written notice that the body corporate does not consent to the new community management statement. (sec.51-ssec.6) If the body corporate gives the constructing authority an endorsed new community management statement under subsection (5) (a) , the constructing authority may lodge a request to record the endorsed new statement. (sec.51-ssec.7) If subsection (6) does not apply and 4 months have passed since the constructing authority gave the body corporate the notice under subsection (1) , the constructing authority may lodge a request to record a new community management statement that— if the body corporate has given the constructing authority a written notice under subsection (5) (b) —includes the changes requested by the body corporate, and is different to the proposed new community management statement mentioned in subsection (1) (b) (iii) only to the extent it includes those changes and changes of no substance (if any); or if paragraph (a) does not apply—is the same as the proposed new community management statement mentioned in subsection (1) (b) (iii) , or is different only to the extent that it includes changes of no substance. (sec.51-ssec.8) Before lodging a request to record a new community management statement under subsection (7) , the constructing authority must sign and date the new statement. (sec.51-ssec.9) The registrar may record a new community management statement mentioned in subsection (7) despite section 54 (2) and the Land Title Act , section 115K (1) (d) . (sec.51-ssec.10) The constructing authority is responsible for the costs of— obtaining advice for the purposes of this section, including lot entitlement adjustment advice; and preparing and recording the new community management statement under this section. (sec.51-ssec.11) For applying the Acquisition of Land Act 1967 , section 20 , the economic losses and costs incurred by a body corporate or lot owner as a direct and natural consequence of the formal acquisition may include the economic losses and costs incurred for any of the following— obtaining independent professional advice from an appropriate person about any changes, subject to subsection (3) , required to the lot entitlement schedules for the scheme to reflect the formal acquisition; lawyer registered valuer holding or attending the meeting in response to the notice given by the constructing authority under subsection (1) for the proposed new plan of subdivision required to reflect the formal acquisition; obtaining under section 47B or 48 an order of a specialist adjudicator or QCAT to change the contribution schedule lot entitlements, or interest schedule lot entitlements, for the lots included in the scheme following the recording of the new community management statement under this section to reflect the formal acquisition.