sec.115VRecording termination of scheme

### sec.115V Recording termination of scheme If section 115U is complied with, the registrar must record the cancellation of the community management statement, and must also— register the termination in the freehold land register; and cancel the particulars (other than particulars of easements, covenants and other dealings capable of being maintained against scheme land after termination of the scheme) recorded in the freehold land register about scheme land. The termination takes effect when the registrar completes the action mentioned in subsection (1) . On the termination of the scheme, the registrar must create 1 or more indefeasible titles for all land that, immediately before the termination, was scheme land. The registered owners for a title mentioned in subsection (3) — are the persons ( former owners ) who, immediately before the scheme’s termination, were the owners of the scheme land; and must be recorded as tenants in common in the shares proportionate to their respective interest schedule lot entitlements immediately before the termination. If a lot included in the scheme was subject to a mortgage immediately before the scheme was terminated, the former owner’s interest in the land as tenant in common is subject to the mortgage. s 115V ins 2003 No. 6 s 152 (sec.115V-ssec.1) If section 115U is complied with, the registrar must record the cancellation of the community management statement, and must also— register the termination in the freehold land register; and cancel the particulars (other than particulars of easements, covenants and other dealings capable of being maintained against scheme land after termination of the scheme) recorded in the freehold land register about scheme land. (sec.115V-ssec.2) The termination takes effect when the registrar completes the action mentioned in subsection (1) . (sec.115V-ssec.3) On the termination of the scheme, the registrar must create 1 or more indefeasible titles for all land that, immediately before the termination, was scheme land. (sec.115V-ssec.4) The registered owners for a title mentioned in subsection (3) — are the persons ( former owners ) who, immediately before the scheme’s termination, were the owners of the scheme land; and must be recorded as tenants in common in the shares proportionate to their respective interest schedule lot entitlements immediately before the termination. (sec.115V-ssec.5) If a lot included in the scheme was subject to a mortgage immediately before the scheme was terminated, the former owner’s interest in the land as tenant in common is subject to the mortgage. - (a) register the termination in the freehold land register; and - (b) cancel the particulars (other than particulars of easements, covenants and other dealings capable of being maintained against scheme land after termination of the scheme) recorded in the freehold land register about scheme land. - (a) are the persons ( former owners ) who, immediately before the scheme’s termination, were the owners of the scheme land; and - (b) must be recorded as tenants in common in the shares proportionate to their respective interest schedule lot entitlements immediately before the termination.