40Adjustment of unit entitlements by Tribunal

40 Adjustment of unit entitlements by Tribunal (1) A unit owner may apply to the Tribunal for the adjustment of the unit entitlements (including the unit entitlements of other units). (2) Despite any other provision of a law of the Territory: (a) the respondents for the proceedings of the application are the body corporate and each unit owner who has given written notice to the body corporate to join as a respondent; and (b) each party to the proceedings is responsible for the party's own costs. (3) The Tribunal must: (a) approve the application by making an order adjusting the unit entitlements as the Tribunal considers appropriate; or (b) refuse the application. (4) In deciding the application, the Tribunal must: (a) have regard to section 39(5) and (6); but (b) disregard: (i) the applicant's state of knowledge about the unit when acquiring the unit; and (ii) the current market value of the unit.

Unit Title Schemes Act 2009 25 (5) The body corporate must lodge a subsequent scheme statement reflecting an order under subsection (3) within the time specified in the order.