sec.75Vesting of community property in community body corporate

sec.75 Vesting of community property in community body corporate

On registration of the community plan of subdivision creating or lots comprising the community property and after registration of the necessary transfer by the registrar of titles, the lots are transferred to the community body corporate. If land that is to become community property is mortgaged, the transfer may be registered only if the mortgage has been released. The registrar of titles must issue certificates of title in the name of the community body corporate. The community body corporate must not be required to make any payment or provide any consideration for the transfer. This section does not affect the operation of section 150 . (sec.75-ssec.1) On registration of the community plan of subdivision creating or lots comprising the community property and after registration of the necessary transfer by the registrar of titles, the lots are transferred to the community body corporate. (sec.75-ssec.2) If land that is to become community property is mortgaged, the transfer may be registered only if the mortgage has been released. (sec.75-ssec.3) The registrar of titles must issue certificates of title in the name of the community body corporate. (sec.75-ssec.4) The community body corporate must not be required to make any payment or provide any consideration for the transfer. (sec.75-ssec.5) This section does not affect the operation of section 150 .