Cullen Bay Marina Regulations 1993

(1) The Management Corporation shall, from time to time, by notice in writing served on each person liable for its payment, levy contributions payable under these regulations in respect of each lot.

(2) Subject to subregulation (5), the contribution shall be levied on the person liable for the contribution to raise the amounts referred to in regulation 12 in the same proportion as the lot entitlement of his or her lot, as at the date of the determination, bears to the aggregate lot entitlement of all the lots at that date.

(3) The notice shall specify the amount, the time for and the manner of payment, of the contributions.

(4) Where the developer is the owner of a lot the developer is responsible for payment of contributions.

(5) Where an expenditure relates to a specific liability under regulation 12(2)(e), and for which it has no funds, the Management Corporation may determine, by special resolution, that contributions for the expenditure may be in a proportion other than the lot entitlement of each lot.

(6) The owner of a lot is liable, jointly and severally with a person who was liable to pay a contribution levied under these Regulations when the owner became the owner of the lot, to pay such part of the contribution that remained unpaid when he or she became the owner.

(7) The owner of a lot is liable for the regular periodic contributions referred to in regulation 12(4) to the administrative fund and sinking fund duly levied on the owner, whether or not the notice of the levy of the contributions was served on the owner.

(8) Without affecting the liability of the owner of the lot, where a mortgagee is in possession of a lot, the mortgagee is liable jointly and severally with the owner for a contribution on the lot levied under these Regulations.

(a) becomes due and payable to the Management Corporation in accordance with the Corporation's determination to make the levy;

(b) bears interest compounding monthly at the rate of 10% per year, or such lesser amount as the Corporation, by special resolution, determines; and

(c) may be recovered as a debt by the Corporation in a court of competent jurisdiction, and recovery may include such reasonable costs, if any, as the court allows.

(10) Interest paid under subregulation (9)(b) shall form part of the fund to which the contribution belongs.