94Method of levying service charge on dwelling under company title—the Act, s 315

94 Method of levying service charge on dwelling under company title—the Act, s 315

94 Method of levying service charge on dwelling under company title—the Act, s 315

(1) This section applies to a person who is the owner, under a company title scheme, of shares that give rise to a residence right in a dwelling (a shareholder).

(2) The service charge for the dwelling, expressed as a percentage of the service charge for the building, must be equal to the number of shares owned by the shareholder, expressed as a percentage of the total number of shares issued by the company.

(3) The secretary of the company must give the water supply authority written notice of all of the following—

(a) the name and address of each shareholder,

(b) the number of shares held by each shareholder,

(c) changes in the ownership of the shares.

(4) A service charge for a building is not payable by the company to the extent to which the service charge is payable by the shareholders.

(5) A person who, because of the ownership of shares in a company, is entitled to occupy a dwelling in a building containing 2 or more dwellings is taken to be the owner of the land comprising the dwelling.