Integrated Resort Development Act 1987
sec.140AWhen original owner can not be nominee for subsidiary body corporate
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sec.140A When original owner can not be nominee for subsidiary body corporate
This section applies if more than 50% of the lots created by the registration of a group titles plan or building units plan subdividing a secondary lot are no longer owned by the original owner of the secondary lot. The subsidiary body corporate created by the registration of the plan can not appoint as its nominee— the original owner; or an associate (an ineligible associate ) of the original owner who is not 1 of the proprietors constituting the subsidiary body corporate. If the original owner or an ineligible associate of the original owner is already a nominee for the subsidiary body corporate— a general meeting of the subsidiary body corporate must be held within 2 months; and if it is not sooner ended, the owner’s or associate’s appointment as the nominee ends at the next general meeting of the subsidiary body corporate. s 140A ins 2009 No. 26 s 31 (sec.140A-ssec.1) This section applies if more than 50% of the lots created by the registration of a group titles plan or building units plan subdividing a secondary lot are no longer owned by the original owner of the secondary lot. (sec.140A-ssec.2) The subsidiary body corporate created by the registration of the plan can not appoint as its nominee— the original owner; or an associate (an ineligible associate ) of the original owner who is not 1 of the proprietors constituting the subsidiary body corporate. (sec.140A-ssec.3) If the original owner or an ineligible associate of the original owner is already a nominee for the subsidiary body corporate— a general meeting of the subsidiary body corporate must be held within 2 months; and if it is not sooner ended, the owner’s or associate’s appointment as the nominee ends at the next general meeting of the subsidiary body corporate.
- (a) the original owner; or
- (b) an associate (an ineligible associate ) of the original owner who is not 1 of the proprietors constituting the subsidiary body corporate.
- (a) a general meeting of the subsidiary body corporate must be held within 2 months; and
- (b) if it is not sooner ended, the owner’s or associate’s appointment as the nominee ends at the next general meeting of the subsidiary body corporate.