58Conclusion of development contract

58 Conclusion of development contract

58 Conclusion of development contract

(1) For the purposes of this Act, a development contract is concluded when any of the following occurs—

(a) any planning approval required for carrying out the contract is revoked,

(b) the time specified by the contract for conclusion of the contract arrives,

(c) a notice (a completion notice) stating that the scheme to which the contract relates is completed is registered by the Registrar-General,

(d) the scheme to which the contract relates is terminated under Part 9.

(2) A development contract must specify a time for the conclusion of the contract being a time not later than—

(a) 10 years after the registration of the contract, or

(b) if the regulations permit a later date to be specified, the later date.

(3) A completion notice must not be registered by the Registrar-General unless—

(a) it is in the approved form, and

(b) it has been signed by the developer concerned, and

(c) it is lodged with a certificate of the association for the scheme concerned—

(i) in the approved form, and

(ii) certifying that the association has agreed, by unanimous resolution, that the development contract has concluded.

(4) The Registrar-General must, if satisfied that a development contract has concluded—

(a) make an appropriate record of the conclusion of the contract in the folio for the association and the association property, if any, of the scheme concerned, and

(b) remove the contract from the Register.