New South Wales Consolidated Acts

COMMUNITY LAND MANAGEMENT ACT 2021 - SECT 223

223 Value of interests of members of an association

(1) The comparative value of the relevant interests of the members of a community association or a precinct association is the same as the proportion that is borne to the total unit entitlement for the community scheme or precinct scheme--

(a) in the case of a member who is the owner of a development lot--by the unit entitlement for the development lot, or

(b) in the case of a member that is a precinct association, a neighbourhood association or a strata corporation--by the unit entitlement for the former development lot that is subject to the precinct scheme, neighbourhood scheme or strata scheme.

(2) The comparative value of the relevant interests of the members of a neighbourhood association is the same as the proportion that is borne to the total unit entitlement for the neighbourhood scheme by the respective unit entitlements for the neighbourhood lots.

(3) In this section--

"relevant interest" , in relation to a member, means--

(a) the value of the member's vote on a poll at a meeting of the association, or

(b) the amount of a levy on the member in relation to the total levies on all members of the association, or

(c) the interest of the member in the association property, or

(d) the interest of the member in an amount of surplus funds being distributed by the association, or

(e) the interest of the member in the community parcel, precinct parcel, neighbourhood parcel or strata parcel on termination of the applicable scheme.