27FPlan must specify lot entitlement and lot liability

27F Plan must specify lot entitlement and lot liability S. 27F(1) substituted by No. 4/2021 s. 88(1). (1) A plan providing for the creation of an owners corporation or for the merger of owners corporations must— (a) specify details of lot entitlement and lot liability; and (b) be accompanied by a statement detailing how the lot entitlement and lot liability is allocated in accordance with subsection (4). S. 27F(2) substituted by No. 42/2017 s. 60, amended by No. 4/2021 s. 88(2). (2) A statement referred to in subsection (1)(b) and any other prescribed information must be provided to the Registrar in a manner acceptable to the Registrar. (3) The prescribed information that a document must contain under subsection (2) is not limited to information about the owners corporation or lot entitlement or lot liability. S. 27F(4) inserted by No. 4/2021 s. 88(3). (4) For the purposes of this section— (a) lot liability in the plan must be allocated equally between the lots unless— (i) there is a substantial difference in size between the lots; or (ii) different lots have a bearing on the consumption or use of common utilities or the cost of maintaining the common property; or (iii) the number of occupiers in each lot has a greater bearing on the consumption or use of the common utilities or the cost of maintaining the common property than the size of the lot; and (b) lot entitlement in the plan must be allocated on the basis of the market value of the lot and the proportion that value bears to the total market value of the lots. S. 27F(5) inserted by No. 4/2021 s. 88(3). (5) For the purposes of subsection (4)(a), lot liability must be allocated on the basis of— (a) in the case of subsection (4)(a)(i)—the size of the lot and the proportion that size bears to the total size area of the lots; or (b) in the case of subsection (4)(a)(ii)—the size of the lot and level of consumption or use by that lot of the common utilities and the common property; or (c) in the case of subsection (4)(a)(iii)—the number of bedrooms in the lot. S. 27G inserted by No. 69/2006 s. 211.