20   Body corporate to hold common property as agent for proprietors

The estate or interest of a body corporate in common property vested in it or acquired by it shall be held by the body corporate as agent:

(a)  where the same person or persons is or are the proprietor or proprietors of all of the lots the subject of the strata scheme concerned—for that proprietor or those proprietors, or

(b)  where different persons are proprietors of each of two or more of the lots the subject of the strata scheme concerned—for those proprietors as tenants in common in shares proportional to the unit entitlements of their respective lots.