sec.17Co-ownership of transfer lots

sec.17 Co-ownership of transfer lots

This section applies if a transfer lot is vested under section 15 (1) (b) in more than 1 person. For lot 3 of the subsidiary scheme, the persons take— if the lessees of SHPTL 1201, acting jointly, give notice to the chief executive before the conversion day of the individual interests in the lot they have agreed to take—the individual interests in the lot stated in the notice; or otherwise—the same individual interests in the lot as they had in SHPTL 1201 immediately before its cancellation. For another transfer lot, the persons take the same individual interests in the lot as they had in the relevant lease or leases for the lot immediately before their cancellation. (sec.17-ssec.1) This section applies if a transfer lot is vested under section 15 (1) (b) in more than 1 person. (sec.17-ssec.2) For lot 3 of the subsidiary scheme, the persons take— if the lessees of SHPTL 1201, acting jointly, give notice to the chief executive before the conversion day of the individual interests in the lot they have agreed to take—the individual interests in the lot stated in the notice; or otherwise—the same individual interests in the lot as they had in SHPTL 1201 immediately before its cancellation. (sec.17-ssec.3) For another transfer lot, the persons take the same individual interests in the lot as they had in the relevant lease or leases for the lot immediately before their cancellation.

• (a) if the lessees of SHPTL 1201, acting jointly, give notice to the chief executive before the conversion day of the individual interests in the lot they have agreed to take—the individual interests in the lot stated in the notice; or
• (b) otherwise—the same individual interests in the lot as they had in SHPTL 1201 immediately before its cancellation.