(1) Subject to subsection (2) an unpaid contribution due from the owner of a unit together with interest thereon at such rate as may be prescribed by the bye-laws shall constitute a privilege upon such unit with effect from the date on which such contribution becomes payable.
(2) The privilege on a unit under subsection (1) shall produce no effect among creditors until a notice in writing under the common seal of the body corporate is lodged for record in the Register stating—
(a) the name of the body corporate and the address of the property;
(b) the volume and page of the record of the relevant declaration;
(c) the name of the owner of the unit and the unit designation; and
(d) the amount due and the date on which it was payable.
(3) A privilege under subsection (1) shall continue in force until—
(a) all sums secured thereby with interest thereon are fully paid; or
(b) the expiration of 6 years from the date on which the contribution was levied or the last payment (if any) on account of such contribution was made,
whichever first occurs.
(4) Upon payment of all sums secured by a privilege under subsection (1) together with interest thereon the unit owner is entitled on demand made to the body corporate to a certificate under its common seal that the amount due has been paid and on lodging such certificate for record in the Register and the payment of such fee as the Minister may prescribe by order such privilege shall thereupon be satisfied.
(5) The body corporate shall have the same remedies for the purpose of enforcing the privilege created by subsection (1) as privileges under the Civil Code.