81IRegistrar-General may extinguish a restrictive covenant after application made

81I Registrar-General may extinguish a restrictive covenant after application made

81I Registrar-General may extinguish a restrictive covenant after application made

(1) This section applies if—

(a) an application has been made to extinguish a restrictive covenant, and

(b) notice of that application has been given in accordance with Division 3, and

(c) the time period specified in that notice has ended, and

(d) there is no caveat (lodged before or within the relevant time period) still in force prohibiting the granting of an application to extinguish the restrictive covenant.

(2) The Registrar-General may grant the application if the Registrar-General is satisfied that the application was properly made, and that the restrictive covenant to which the application relates—

(a) is a building materials covenant, a fencing covenant or a value of structures covenant, and

(b) is of a type likely to lose any practical value after 12 years of operation, and

(c) took effect at least 12 years before the date on which the application was made.

s 81I: Ins 1998 No 31, Sch 1 [21].