sec.16Transfer lot for which a relevant lease is not in force immediately before conversion day

sec.16 Transfer lot for which a relevant lease is not in force immediately before conversion day

This section applies if a relevant lease for a transfer lot is not in force immediately before the conversion day. If there is another relevant lease for the transfer lot that is in force immediately before the conversion day (the current lease ), the transfer lot is vested in each of the following persons (each a first owner )— the persons who were, immediately before the conversion day, the lessees of the current lease; the persons who were the lessees of the lease mentioned in subsection (1) immediately before its termination. If there is no relevant lease for the transfer lot in force immediately before the conversion day, the lot is not a transfer lot. (sec.16-ssec.1) This section applies if a relevant lease for a transfer lot is not in force immediately before the conversion day. (sec.16-ssec.2) If there is another relevant lease for the transfer lot that is in force immediately before the conversion day (the current lease ), the transfer lot is vested in each of the following persons (each a first owner )— the persons who were, immediately before the conversion day, the lessees of the current lease; the persons who were the lessees of the lease mentioned in subsection (1) immediately before its termination. (sec.16-ssec.3) If there is no relevant lease for the transfer lot in force immediately before the conversion day, the lot is not a transfer lot.

• (a) the persons who were, immediately before the conversion day, the lessees of the current lease;
• (b) the persons who were the lessees of the lease mentioned in subsection (1) immediately before its termination.