sec.15Termination of shopping centre leases and vesting of lots in lessees

sec.15 Termination of shopping centre leases and vesting of lots in lessees

On the conversion day— a shopping centre lease still in force is cancelled; and a lot included in the principal scheme or subsidiary scheme and identified in schedule 4 , column 1 (a transfer lot ) vests in each person (each a first owner ) who was, immediately before the conversion day, a lessee of a relevant lease for the lot. Each shopping centre lease listed in schedule 4 , column 2 opposite a transfer lot is a relevant lease for the lot. Subsection (1) (b) applies subject to sections 16 and 17 . If a shopping centre lease cancelled under this section was, immediately before its cancellation, subject to a sublease or other interest— the cancellation of the lease under this section does not terminate the sublease or other interest; and on the conversion day, the sublease or other interest is taken to be held in relation to each lot vested under subsection (1) in the lessee of the lease. If there is an unregistered document in relation to a shopping centre lease cancelled under this section, the document must be relodged by the registrar of titles, for the person who lodged the document, against each transfer lot vested in the lessee of the lease. The following do not apply in relation to the vesting of a transfer lot under this section— the Land Sales Act 1984 ; the BCCM Act , chapter 5 , parts 1 to 3 . In this section— unregistered document means a document that— has been lodged under the Land Act 1994 but has not been registered in the appropriate register under that Act; and has not been rejected. (sec.15-ssec.1) On the conversion day— a shopping centre lease still in force is cancelled; and a lot included in the principal scheme or subsidiary scheme and identified in schedule 4 , column 1 (a transfer lot ) vests in each person (each a first owner ) who was, immediately before the conversion day, a lessee of a relevant lease for the lot. (sec.15-ssec.2) Each shopping centre lease listed in schedule 4 , column 2 opposite a transfer lot is a relevant lease for the lot. (sec.15-ssec.3) Subsection (1) (b) applies subject to sections 16 and 17 . (sec.15-ssec.4) If a shopping centre lease cancelled under this section was, immediately before its cancellation, subject to a sublease or other interest— the cancellation of the lease under this section does not terminate the sublease or other interest; and on the conversion day, the sublease or other interest is taken to be held in relation to each lot vested under subsection (1) in the lessee of the lease. (sec.15-ssec.5) If there is an unregistered document in relation to a shopping centre lease cancelled under this section, the document must be relodged by the registrar of titles, for the person who lodged the document, against each transfer lot vested in the lessee of the lease. (sec.15-ssec.6) The following do not apply in relation to the vesting of a transfer lot under this section— the Land Sales Act 1984 ; the BCCM Act , chapter 5 , parts 1 to 3 . (sec.15-ssec.7) In this section— unregistered document means a document that— has been lodged under the Land Act 1994 but has not been registered in the appropriate register under that Act; and has not been rejected.