New South Wales Consolidated Acts

STRATA SCHEMES (LEASEHOLD DEVELOPMENT) ACT 1986 - SECT 57AAA

57AAA Revised schedule of unit entitlements

(1) If, at the conclusion of a development scheme, a body corporate considers that the schedule of unit entitlement in force for the scheme concerned does not apportion the unit entitlements so as to reflect the market value of the lots in the strata scheme, the body corporate may lodge a revised schedule of unit entitlement for the strata scheme with the Registrar-General.

(2) The revised schedule of unit entitlement must be lodged within the period of 2 years after the conclusion of the development scheme.

(3) A revised schedule of unit entitlement that is lodged with the Registrar-General must:

(a) be in a form approved by the Registrar-General, and

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

(c) show, as a whole number apportioned on a market value basis and so as to total the unit entitlements, the unit entitlement of each lot, and

(d) be accompanied by a certificate signed by a registered valuer certifying that the unit entitlements of the lots are apportioned on a market value basis, and

(e) be accompanied by a certificate under the seal of the body corporate concerned certifying that it has, by special resolution, agreed to the substitution of the existing schedule of unit entitlements with the revised schedule.

(4) In this section:
"registered valuer" means a registered valuer under the Valuers Act 2003 .