63Consequences of registration of amalgamation of schemes

#### 63 Consequences of registration of amalgamation of schemes 63 Consequences of registration of amalgamation of schemes > > (1) On receiving an application for amalgamation in accordance with this Part, the Registrar-General may register the amalgamation. > > > (2) On registration of the amalgamation— > > > > > (a) each precinct scheme or neighbourhood scheme the subject of the application is terminated, and > > > > > (b) the association for a terminated scheme is dissolved, and > > > > > (c) any money in the administrative fund of a terminated scheme is to be transferred to the administrative fund of the community scheme, and > > > > > (d) any money in the sinking fund of a terminated scheme is to be transferred to the sinking fund of the community scheme, and > > > > > (e) any association property in a terminated scheme becomes community property in the community scheme, and > > > > > (f) any other assets and property of the association for a terminated scheme become the assets and property of the community association, and > > > > > (g) any liabilities of the association for a terminated scheme become the liabilities of the community association, and > > > > > (h) each precinct development lot or neighbourhood lot in a terminated scheme becomes a development lot in the community scheme, and > > > > > (i) each former precinct development lot in a terminated precinct scheme becomes a former development lot in the community scheme, and > > > > > (j) the change of a precinct development lot or neighbourhood lot to a community development lot does not affect any mortgage, charge, lease or other interest registered on the lot, and > > > > > (k) each owner of a precinct development lot or neighbourhood lot in a terminated scheme becomes a member of the community association, and > > > > > (l) each neighbourhood scheme or strata scheme that is a subsidiary scheme of a terminated precinct scheme and not the subject of the application continues as a subsidiary scheme of the community scheme. > > > (3) If the Registrar-General registers the amalgamation, the Registrar-General— > > > > > (a) must record in the Register the termination of each scheme that amalgamated with the community scheme, and > > > > > (b) may make any other appropriate recordings in the Register to give effect to the amalgamation and its consequences.