sec.51BLimited adjustment of lot entitlement schedule—after subdivision of lot

sec.51B Limited adjustment of lot entitlement schedule—after subdivision of lot

This section applies if a lot in a community titles scheme (the pre-subdivision lot ) is subdivided into 2 or more lots (the post-subdivision lots ). However, this section does not apply to— the subdivision of a lot in a community titles scheme intended to be developed progressively if the circumstances mentioned in section 57 (2) or (3) apply to the scheme in relation to the subdivision; or a lot in a community titles scheme subdivided into 2 or more lots, one of which is a subsidiary scheme. The owners of the post-subdivision lots must— decide the lot entitlements for the post-subdivision lots by apportioning the lot entitlement for the pre-subdivision lot to the post-subdivision lots— consistently with the deciding principle for the lot entitlement; or if there is no apparent deciding principle for the lot entitlement—according to the respective market values of the lots, except to the extent to which it is just and equitable in the circumstances for the individual lot entitlements not to reflect the respective market values of the lots; and give the body corporate written notice of the lot entitlements for the post-subdivision lots. If the body corporate is given written notice under subsection (3) (b) , the body corporate must, as quickly as practicable, lodge a request to record a new community management statement incorporating the change. Maximum penalty—100 penalty units. The new community management statement must be prepared and recorded at the expense of the owners of the post-subdivision lots. s 51B ins 2011 No. 9 s 12 (sec.51B-ssec.1) This section applies if a lot in a community titles scheme (the pre-subdivision lot ) is subdivided into 2 or more lots (the post-subdivision lots ). (sec.51B-ssec.2) However, this section does not apply to— the subdivision of a lot in a community titles scheme intended to be developed progressively if the circumstances mentioned in section 57 (2) or (3) apply to the scheme in relation to the subdivision; or a lot in a community titles scheme subdivided into 2 or more lots, one of which is a subsidiary scheme. (sec.51B-ssec.3) The owners of the post-subdivision lots must— decide the lot entitlements for the post-subdivision lots by apportioning the lot entitlement for the pre-subdivision lot to the post-subdivision lots— consistently with the deciding principle for the lot entitlement; or if there is no apparent deciding principle for the lot entitlement—according to the respective market values of the lots, except to the extent to which it is just and equitable in the circumstances for the individual lot entitlements not to reflect the respective market values of the lots; and give the body corporate written notice of the lot entitlements for the post-subdivision lots. (sec.51B-ssec.4) If the body corporate is given written notice under subsection (3) (b) , the body corporate must, as quickly as practicable, lodge a request to record a new community management statement incorporating the change. Maximum penalty—100 penalty units. (sec.51B-ssec.5) The new community management statement must be prepared and recorded at the expense of the owners of the post-subdivision lots.