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.