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