Clause 12

The share value of each lot (except in the case of an accessory lot where no share value shall be allotted) shown in every plan lodged for registration as a strata title plan shall be taken as share units, and in the case of such plan where planning permission has been granted on or after the date of the commencement of the Land Titles (Strata) (Amendment) Act, 1975, the quantity of share value shall be determined by the proposed share value shown in the schedule of strata units filed with the Commissioner and the Registrar in compliance with section 6A of this Act.(2) The share units determine —

the voting rights of proprietors;

the quantum of the undivided share of each subsidiary proprietor in the common property; and

the proportion payable by each subsidiary proprietor of contributions levied by the management corporation pursuant to section 23 of this Act.(3) The share value of each provisional lot shown in every plan lodged as a strata title plan shall be known as provisional share value and such provisional share value shall be taken as provisional share units in accordance with the provisions of subsection (1) of this section.(4) No assurance of any provisional lot for which a subsidiary strata certificate of title is issued is capable of being registered under this Act and the Registrar shall enter an appropriate caution on the relevant subsidiary strata certificate of title prohibiting any assurance of the provisional lot comprised therein from being registered.(5) Where an assurance of any provisional lot has been registered, such registration shall not pass any title or interest in the said provisional lot, and the Registrar shall, on discovery of the registration, cancel the registration, and no person affected by such cancellation shall be entitled to any compensation from the assurance fund.(6) The subsidiary proprietor of the provisional lot shall be required to lodge the relevant duplicate subsidiary strata certificate of title and an application with the Registrar for the cancellation of the Registrar’s caution as provided in subsection (4) of this section immediately after the relevant authority has certified to the effect that all buildings within the provisional lot have been completed to the satisfaction of the relevant authority.(7) The Registrar, after receipt of the application lodged for cancellation of the Registrar’s caution as provided in subsection (5) of this section and being satisfied that all buildings within the provisional lot have been completed to the satisfaction of the relevant authority, shall cancel the Registrar’s caution endorsed on the subsidiary strata certificate of title and make the appropriate deletion of the word “provisional” wherever it appears as relating to that provisional lot in the records maintained by the Registrar, and thereupon that provisional lot shall constitute a lot under this Act.(8) Except as provided in subsections (4), (5) and (6) of this section, the provisions of this Act relating to a lot shall apply in all respects to a provisional lot.”.