New South Wales Consolidated Acts

STRATA SCHEMES DEVELOPMENT ACT 2015 - SECT 90

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

(b) be clearly identified as a revised schedule of unit entitlement, and

(c) show, 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.