Unit Title Schemes Act 2009

(1) Two or more unit owners may agree in writing to adjust the unit entitlements of those units if:

(a) the sum of the unit entitlements of the units will not change under the agreement; and

(b) each mortgagee of the units has consented to the agreement.

(2) The unit owners must:

(a) notify the body corporate of the agreement; and

(b) prepare a subsequent scheme statement reflecting the agreement; and

(c) request the body corporate to endorse the statement.

(3) The body corporate must, within 3 months after receiving the request, decide whether to accept the request, having regard to:

(a) section

39(5) and (6); and

(b) any advice received by the body corporate in relation to the unit entitlements.

Note for subsection (3)

The body corporate must lodge the scheme statement within 3 months after endorsing the statement if it accepts the request. See section 20(4).