The five tiers of owners corporations
7 The five tiers of owners corporations
For the purposes of this Act, an owners corporation falls within one of 5 tiers as specified in this section.
A tier one owners corporation is an owners corporation that consists of more than 100 occupiable lots and is not a services only owners corporation.
A tier two owners corporation is an owners corporation that consists of 51 to 100 occupiable lots and is not a services only owners corporation.
A tier three owners corporation is an owners corporation that consists of 10 to 50 occupiable lots and is not a services only owners corporation.
A tier four owners corporation is an owners corporation that consists of 3 to 9 occupiable lots and is not a services only owners corporation.
A tier five owners corporation is—
an owners corporation for a 2-lot subdivision; or
a services only owners corporation.
(7) If an owners corporation consists of less than 10 occupiable lots and more than 50 non-occupiable lots, the tier into which the owners corporation falls is to be determined in accordance with subsections (2) and (3) as if a reference in those subsections to an occupiable lot were a reference to a non‑occupiable lot.
If an owners corporation consists solely of non‑occupiable lots, the tier into which the owners corporation falls is to be determined in accordance with subsections (2) to (6) as if a reference in those subsections to an occupiable lot were a reference to a non‑occupiable lot.
S. 7A inserted by No. 4/2021 s. 5.
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