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.