16Unit entitlements

16 Unit entitlements

(1)  Each lot created by a plan has a unit entitlement.

(2)  A unit entitlement –

(a) may be a general unit entitlement operating for all the purposes of this Act; or

(b) may be a special unit entitlement operating for any one or more of the following purposes:

(i) for fixing the proportionate contribution to be made by the owner of the lot to the body corporate;

(ii) for fixing the owner's proportionate interest in the common property;

(iii) for fixing the number of votes to be exercisable by the owner of the lot at a general meeting of the body corporate;

(iv) for fixing the proportion of the body corporate's income to be apportioned to the owner of the lot.

(3)  If a lot has a special unit entitlement for a particular purpose, it must also have a general unit entitlement for other purposes and a reference in this Act to the unit entitlement of the lot is to be taken, so far as relevant to a purpose for which the special unit entitlement was established, as a reference to the special unit entitlement but otherwise is to be taken to be a reference to the general unit entitlement of the lot.

(4)  A unit entitlement must be a whole number.

(5)  The unit entitlement, or a particular class of unit entitlement, may be the same for each lot or may vary from lot to lot.

(6)  Unit entitlements must be fixed on a fair and equitable basis.