Section 4 of the Strata Schemes Management Act 2015 provides the following definition:
Initial period of an owners corporation of a strata scheme means the period:
(a) commencing on the day the owners corporation is constituted, and
(b) ending on the day there are owners of lots in the strata scheme (other than the original owner) the sum of whose unit entitlements is at least one-third of the aggregate unit entitlement.
The Owners Corporation of a Strata scheme may note the expiry of the initial period on the common property title by furnishing the certificate of expiry of the initial period, see Approved Form 10 (PDF 8 KB), with:
- a Request form 11R (PDF 150 KB), the certificate of title is required or
- any dealing affecting the common property. An extra fee is not payable.
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PRIME CODE CI.