Unit Titles Act 2010

168 Entitlement of lessee to buildings, fixtures, etc

• (1) This section applies if on the expiry of the lease the lessee is entitled under the lease to an amount equal to the value of the whole or any part of any buildings, fixtures, and other improvements on the base land.

  (2) Despite section 160, the persons who were the owners of the units immediately before the expiry are entitled to receive that amount in shares proportionate to the ownership interest of their respective units.

  (3) Despite subsection (2), if the High Court considers that it is inequitable to apportion the amount referred to in that subsection among the persons referred to in that subsection in those shares it may apportion that amount among them in shares proportionate to the relative values of the units.

  Compare: 1972 No 15 s 30(2)