Contributions to be adjusted if land changed – section 21FA(4)
8 Contributions to be adjusted if land changed – section 21FA(4)
(1) If a change in land of a kind referred to in section 21FA(4) of the Act is registered, subject to an agreement between the parties (if any), the corporation must review contributions payable under section 36 of the Act and (if necessary) adjust:
(a) the total contributions to take account of additional or reduced obligations of the corporation; and
(b) the contributions in respect of units to reflect relative unit entitlements as they exist after the change.
(2) Subject to an agreement between the parties (if any), the adjustment takes effect on registration of the change.
In this regulation:
parties, in relation to a change in land in a parcel, means persons who had estates or interests in the parcel before the change and persons who have estates or interests in the parcel after the change.
Part 4 Condominium development
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