174Extinguishment of covenants by fluxion of time

174 Extinguishment of covenants by fluxion of time (1) Subject to subsection (2), a covenant ceases to have effect: (a) on the date specified in the instrument or plan of subdivision creating the covenant; or (b) 20 years after the date the covenant was registered, whichever first occurs. (2) Where: (a) no date of expiration is specified in an instrument or plan of subdivision creating a covenant or the date specified occurs after the expiry of the 20 year period referred to in subsection (1)(b); and (b) the registered proprietor, within the meaning of section 4 of the Land Title Act 2000, of the estate in the dominant land having the benefit of a covenant lodges an instrument in the appropriate form at the Land Titles Office before the date the 20 year period referred to in subsection (1)(b) expires, the covenant is to continue to have effect for a further 20 years after that date. (3) This section does not apply to: (a) covenants made in favour of the Commonwealth, the Territory or a prescribed authority for defence or aviation purposes; (b) covenants made for a prescribed purpose; or (c) covenants in gross. (4) This section applies only to covenants made after the