sec.69Order of Supreme Court to extinguish plan

sec.69 Order of Supreme Court to extinguish plan

An application to extinguish a plan may be made to the Supreme Court by— the relevant body corporate; or a proprietor of a lot; or a registered mortgagee of a lot. In considering an application to extinguish a plan, the Supreme Court must have regard to the rights and interests of the proprietors as a whole. Subsection (2) does not limit the matters to which the Supreme Court may have regard. If the Supreme Court makes an order extinguishing a plan, it must also order— that the relevant body corporate be wound up; and that the land comprised in the extinguished plan, and any property of the body corporate, be vested in the proprietors of the lots in the shares that the Supreme Court considers appropriate. s 69 ins 1993 No. 46 s 22 (sec.69-ssec.1) An application to extinguish a plan may be made to the Supreme Court by— the relevant body corporate; or a proprietor of a lot; or a registered mortgagee of a lot. (sec.69-ssec.2) In considering an application to extinguish a plan, the Supreme Court must have regard to the rights and interests of the proprietors as a whole. (sec.69-ssec.3) Subsection (2) does not limit the matters to which the Supreme Court may have regard. (sec.69-ssec.4) If the Supreme Court makes an order extinguishing a plan, it must also order— that the relevant body corporate be wound up; and that the land comprised in the extinguished plan, and any property of the body corporate, be vested in the proprietors of the lots in the shares that the Supreme Court considers appropriate.

• (a) the relevant body corporate; or
• (b) a proprietor of a lot; or
• (c) a registered mortgagee of a lot.
• (a) that the relevant body corporate be wound up; and
• (b) that the land comprised in the extinguished plan, and any property of the body corporate, be vested in the proprietors of the lots in the shares that the Supreme Court considers appropriate.