24Conversion of lots to association property

24 Conversion of lots to association property

24 Conversion of lots to association property

(1) An instrument in the approved form may be used to—

(a) convert a community development lot to community property, or

(b) convert a precinct development lot to precinct property, or

(c) convert a neighbourhood lot to neighbourhood property.

(2) The instrument—

(a) must be signed by the owner of the lot and by the association, and

(b) must be accompanied by a replacement sheet for the association property plan showing the altered boundaries of the association property, and

(c) must be accompanied by a replacement schedule of unit entitlement for the affected scheme that complies with Schedule 3, and

(d) must be accompanied by a certificate of the planning authority showing its consent to the conversion, and

(e) must be accompanied by a certificate under the seal of the relevant association to the effect that it has, by special resolution, consented to the conversion and to the new schedule of unit entitlement, and

(f) must not be registered unless the folio for the lot is freed from all relevant interests, and

(g) if the instrument is converting a neighbourhood lot held by the original owner, must not be registered unless—

(i) the initial period has expired, or

(ii) there is a development contract in force and the instrument is in accordance with the contract, or

(iii) the conversion has been authorised by the Tribunal.

(3) On registration of the instrument, the Registrar-General is to cancel the folio for the lot.