65Variation or termination of scheme

65 Variation or termination of scheme

65 Variation or termination of scheme

(1) The Supreme Court may vary or terminate a scheme if satisfied that—

(a) the continuation of the scheme is impracticable, or

(b) if the scheme is a staged scheme, completion of the staged scheme has become impracticable.

(2) The Supreme Court may terminate a scheme and any subsidiary scheme if an application to terminate the scheme is made by—

(a) the association for the scheme and each subsidiary body, and

(b) each owner of a lot within the scheme and any subsidiary scheme, and

(c) each registered mortgagee, chargee and covenant chargee of a lot within the scheme and any subsidiary scheme.

(3) An order of the Supreme Court varying or terminating a scheme may provide for any 1 or more of the following—

(a) the adjustment, exercise and discharge of rights and liabilities under the scheme of an association and its members,

(b) disposal of the assets of an association or of a strata corporation that is a member of an association,

(c) the vesting of estates or interests in land within the scheme,

(d) the winding up of an association or of a strata corporation that is a member of an association,

(e) a variation of unit entitlement in accordance with a new valuation,

(f) the amendment of the management statement for the scheme,

(g) the registration of a new plan or reversion to a former plan,

(h) any other matter the Court considers to be appropriate, just and equitable in the circumstances.

(4) If the Supreme Court orders termination of a scheme, the parcel that was subdivided to constitute the scheme is, for the purposes of section 23F of the Conveyancing Act 1919, reinstated as a lot in a current plan.

(5) Subsection (4) does not apply if the Supreme Court orders the lodgment for registration of a current plan for the parcel.