(1) The proponent of a
unanimous owner‑initiated termination proposal must enter into an
arrangement with the strata company under which the proponent agrees that, if
the proponent is notified by the strata company or the independent advocate
that an owner of a lot wishes to access funding from the proponent to obtain
independent advice or representation in connection with the proposal at any
time before the proposal is put to a vote under section 182 (whether as a
vulnerable person or otherwise), the proponent must —
(a)
withdraw the termination proposal; and
(b) if
the proponent wishes to proceed further, submit a new outline of the
termination proposal that is not a unanimous owner‑initiated termination
proposal and under which a fund will be established that will enable owners to
access funding from the proponent to obtain independent advice or
representation in connection with the proposal.
(2) The strata company
must notify the proponent if an owner of a lot notifies the strata company, at
any time before the proposal is put to a vote under section 182, that the
owner wishes to access funding from the proponent to obtain independent advice
or representation in connection with the proposal (whether as a vulnerable
person or otherwise).
(3) The independent
advocate must notify the proponent if an owner of a lot notifies the
independent advocate, at any time before the proposal is put to a vote under
section 182, that the owner wishes to be identified as a vulnerable
person and to access funding from the proponent to obtain fuller or more
extensive advice or representation in connection with the proposal.
Note for this regulation:
The section 190
arrangement for unanimous owner‑initiated termination proposals enables
owners of lots who have unanimously agreed to a termination of the scheme to
avoid the cost of establishing a fund under section 190(2) unless and
until one or more of the owners of the lots requests access to funding to
obtain independent advice or representation in connection with the termination
proposal. In that case, if the proponent wishes to proceed, the proponent must
start the termination proposal process again by submitting a termination
proposal that is not a unanimous owner‑initiated termination proposal
and establish a trust under which that funding will be provided.