s 26ZR
In forceCommon property to be held in trust
Part IVCBuilding development
Division 4Effect of registration of building development plan
26ZR Common property to be held in trust
(1)
Subject to section 42B, the corporation holds the common property in trust for the persons who are for the time being the members of the corporation as tenants in common in undivided shares proportional to the building lot entitlements of their respective building lots, and, subject to Part IVB, is to afford those persons opportunity for the reasonable use and enjoyment of the common property.
(2)
Subject to Part IIIA and section 42B, the estate in the common property held by the corporation is not capable, either at law or in equity, of being transferred, assigned or mortgaged.
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