39Unit entitlements

39 Unit entitlements (1) The entitlement schedules of a scheme are the following: (a) a schedule (the contribution schedule) setting out the contribution entitlement of each unit; (b) a schedule (the interest schedule) setting out the interest entitlement of each unit. (2) An entitlement (a unit entitlement) mentioned in subsection (1)(a) or (b) must be a whole number other than 0. (3) The contribution entitlement of a unit divided by the total contribution entitlements of all the units is the ratio representing the unit owner's share of annual contributions to the body corporate. (4) The interest entitlement of a unit divided by the total interest entitlements of all the units is the ratio representing the unit owner's share of interest in the scheme land and body corporate assets. (5) To the extent to which it is just and equitable to do so: (a) the contribution entitlement of each unit must be equal; and (b) the interest entitlement of each unit must reflect the differences in market value between the units when the scheme statement creating the unit, or the scheme statement last adjusting the entitlement, is lodged. (6) Except as otherwise provided by the regulations, the following must be taken into account for subsection (5): (a) the characteristics of the scheme and units; (b) whether the scheme is a layered scheme, higher scheme or subsidiary scheme;

Unit Title Schemes Act 2009 24 (c) the market value of the units as determined by a valuer as defined in section 4(1) of the Valuation of Land Act 1963. (7) A unit entitlement may be used for any purpose of this Act, other than the following purposes: (a) working out a liability for supplying a utility service to the unit if its consumption by the unit occupier can be separately measured (including, for example, by a meter); (b) a purpose specified in the scheme statement. Example for subsection (7) The contributions entitlements are relevant for a resolution of the body corporate for section 79(7)(a) or (8)(b).