Re-assessment of lot entitlement
9 Re-assessment of lot entitlement
At any time in the sixth, seventh, eighth or ninth year after the first freehold title to a lot is issued to the Developer, a valuer, as defined in the Valuation of Land Act 1963, may, at the request of the Management Corporation, in pursuance of a special resolution as prescribed, for the purposes of confirming or revising the relative lot entitlement of lots, determine the unimproved capital value of each lot and, by notice in writing to the
Manage­ment Corporation, confirm or revise a unit entitlement of a lot.
A notice under subsection (1) shall include a schedule of lot entitlement prepared in accordance with section 5 and certified correct by the valuer.
This Act’s bill:Second reading speech
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