sec.19Creation of chief executive’s charge

sec.19 Creation of chief executive’s charge

This section applies if the conversion cost for a transfer lot is not paid by the first owner of the lot before the conversion day. Each transfer lot vesting in the first owner under section 15 (1) (b) , 16 or 17 vests subject to a charge (the chief executive’s charge ) in favour of the chief executive securing payment of the conversion cost. The charge is binding on the first owner of the lot and the owner’s successors in title. For the Local Government Act 2009 , the chief executive’s charge is an encumbrance conferring rights on the State. s 19 amd 2009 No. 17 s 331 sch 1 (sec.19-ssec.1) This section applies if the conversion cost for a transfer lot is not paid by the first owner of the lot before the conversion day. (sec.19-ssec.2) Each transfer lot vesting in the first owner under section 15 (1) (b) , 16 or 17 vests subject to a charge (the chief executive’s charge ) in favour of the chief executive securing payment of the conversion cost. (sec.19-ssec.3) The charge is binding on the first owner of the lot and the owner’s successors in title. (sec.19-ssec.4) For the Local Government Act 2009 , the chief executive’s charge is an encumbrance conferring rights on the State.