Regulations 2011 No.14 of 2011 Unit Title Schemes and Related Legislation Amendment Regulations
Tabled paper 1332
Tabled Papers for 11th Assembly 2008 - 2012; Tabled Papers; ParliamentNT
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Part 2 Amendment of Unit Title Schemes (General Provisions and Transitional Matters) Regulations (2) For section 18(1 )(d) of the Act, the contribution entitlement and interest entitlement of a unit as specified in the entitlement schedules must be: (a) the same as the unit entitlement under the Unit Titles Act for the corresponding unit in the units plan or building lot in the building development plan; or (b) if a different contribution entitlement or interest entitlement has been approved by unanimous resolution of the members of the corporation - the approved entitlement. (3) In this regulation: unanimous resolution, see section 7(4) of the Unit Titles Act. 6C Effect of registration of scheme statement For section 111 (2) of the Act, if the Registrar-General registers a scheme statement lodged by the corporation of a units plan or building development plan: (a) the corporation has effect as the body corporate of the scheme; and (b) each unit to which the units plan, or building lot to which the building development plan, relates (the orig ina l unit) has effect as a unit of the scheme (the converted unity, and (c) each right or interest in the original unit existing immediately before the registration has effect as a right or interest in the converted unit; and (d) the common property to which the units plan or building development plan relates has effect as the common property of the scheme; and (e) the body corporate becomes the owner of the common property of the scheme; and (f) each right or interest in the common property existing immediately before the registration has effect as a right or interest in the common property of the scheme. Unit Title Schemes and Related Legislation Amendment Regulations 2011 4