sch.6-sec.27Common property limit

### sch.6-sec.27 Common property limit The maximum amount the commission may pay for the common property for a community titles scheme for the total of all claims mentioned in sections 7 , 9 , 10 , 15 and 20 in relation to the residential construction work is— if optional additional cover is in force for the work—the lesser of the following— $300,000 multiplied by the number of living units for which the work was carried out; $1.3m; or if paragraph (a) does not apply—the lesser of the following— $200,000 multiplied by the number of living units for which the work was carried out; $1m. The amount mentioned in subsection (1) applies regardless of whether the residential construction work is substantially complete or not substantially complete. Residential construction work is carried out for 6 residential units in a community titles scheme. Before the work is substantially complete, the commission pays $50,000 for the common property for the scheme for a claim in relation to the work. After the work is substantially complete, the maximum amount remaining that the commission may pay for the common property in relation to the work is $950,000 (if optional additional cover is not in force for the work). (sch.6-sec.27-ssec.1) The maximum amount the commission may pay for the common property for a community titles scheme for the total of all claims mentioned in sections 7 , 9 , 10 , 15 and 20 in relation to the residential construction work is— if optional additional cover is in force for the work—the lesser of the following— $300,000 multiplied by the number of living units for which the work was carried out; $1.3m; or if paragraph (a) does not apply—the lesser of the following— $200,000 multiplied by the number of living units for which the work was carried out; $1m. (sch.6-sec.27-ssec.2) The amount mentioned in subsection (1) applies regardless of whether the residential construction work is substantially complete or not substantially complete. - (a) if optional additional cover is in force for the work—the lesser of the following— (i) $300,000 multiplied by the number of living units for which the work was carried out; (ii) $1.3m; or - (i) $300,000 multiplied by the number of living units for which the work was carried out; - (ii) $1.3m; or - (b) if paragraph (a) does not apply—the lesser of the following— (i) $200,000 multiplied by the number of living units for which the work was carried out; (ii) $1m. - (i) $200,000 multiplied by the number of living units for which the work was carried out; - (ii) $1m. - (i) $300,000 multiplied by the number of living units for which the work was carried out; - (ii) $1.3m; or - (i) $200,000 multiplied by the number of living units for which the work was carried out; - (ii) $1m.