Adjusting unit entitlements because of land acquisition
42 Adjusting unit entitlements because of land acquisition
(1) An acquisition authority proposing to acquire any scheme land must, before the acquisition takes effect, notify the body corporate of the proposed acquisition.
(2) Within
3 months after receiving the notification, the body corporate must decide whether any changes should be made to the unit entitlements, having regard to:
(a) section
39(5) and (6); and
(b) any advice received by the body corporate in relation to the unit entitlements.
(3) The body corporate must, within 1 month after making the decision under subsection (2), notify the acquisition authority of the decision.
(4) The acquisition authority must:
(a) prepare a scheme statement reflecting the acquisition and the decision of the body corporate; and
(b) request the body corporate to lodge the statement.
(5) The body corporate must lodge the statement within 3 months after the request is made.
(6) The body corporate must comply with subsections (2), (3) and (5).
Fault element: Strict liability offence.
Maximum penalty: 100 penalty units.
Subdivision 4 Sale of proposed units
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