Section 39

Subsection 57(4) of the principal Act is amended by substituting for paragraph (e) the following paragraph:

“(e) the management corporation shall distribute any profits arising from its proprietorship of the lot, including any purchase money received on a transfer, to the former proprietors proportionately based on the open market capital values of the parcels immediately before the termination of the subdivision ascertained in a valuation report prepared and certified by a registered valuer under the Valuers, Appraisers and Estate Agents Act 1981

[Act 242].”.