New South Wales Consolidated Acts
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STRATA SCHEMES DEVELOPMENT ACT 2015 - SECT 90
Revised schedule of unit entitlement
(1) If, at the conclusion of a development scheme, the owners corporation
considers that the schedule of unit entitlement for the strata scheme does not
apportion the unit entitlements so as to reflect the market value of the lots
in the strata scheme, the owners corporation may lodge a revised
schedule of unit entitlement for the scheme.
(2) The revised
schedule of unit entitlement must be lodged within 2 years after the
conclusion of the development scheme.
(3) A revised
schedule of unit entitlement must:
(a) be in the approved form, and
clearly identified as a revised schedule of unit entitlement, and
as a whole number apportioned on a market value basis and totalling the
unit entitlements, the unit entitlement of each lot, and
(d) be accompanied
by a certificate in the approved form signed by a qualified valuer certifying
that the unit entitlements of the lots are apportioned on a
market value basis, and
(e) be accompanied by a certificate in the
approved form signed by the owners corporation and certifying that it has, by
special resolution, agreed to the substitution of the existing
schedule of unit entitlement with the revised schedule.
(4) In this section:
"market value basis" --see clause 1 of Schedule 2.
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