sec.24EExpiry of leases of lots

### sec.24E Expiry of leases of lots When all leases of the lots and common property (if any) that are the subject of a leasehold building units plan expire or are otherwise determined without being wholly or partly replaced by further leases of the lots or common property registered under the Land Title Act 1994 , then, except as otherwise provided by this section— the leasehold building units plan is terminated; and the body corporate constituted for the purposes of the leasehold building units plan is dissolved; and if the leases so provide or it is so provided in any other agreement—the former lessor under the leasehold building units plan is liable to pay to each person who, immediately before the termination of the plan, was the lessee of a lot (the former lessee ) such amount by way of compensation, calculated in accordance with the formula set out in schedule 6 or as otherwise agreed by the former lessor and former lessee, in respect of the value of the improvements comprised within the former parcel as is attributable to the lot leased by the former lessee; and all rights which were vested in the body corporate immediately before its dissolution (being rights which, but for the dissolution of the body corporate, would have survived the expiry of the term of the leases) are vested in the former lessees; and the former lessees become jointly and severally liable for all of the liabilities of the body corporate subsisting immediately before its dissolution; and any legal proceedings begun by or against the body corporate may be completed by or against the former lessees. (new) As soon as practicable after the termination of a leasehold building units plan, the registrar of titles shall, on the application of the lessor— record in the register the expiration or determination of the leases of the lots and common property comprised in the leasehold building units plan; and cancel the leasehold building units plan; and record in the register relating to the parcel that was the subject of the leasehold building units plan the fact that the leasehold building units plan has terminated. (new) Where, in relation to a lot comprised in a leasehold building units plan that is about to be terminated under subsection (1) or to a former lot that was comprised in a leasehold building units plan that has already been so terminated, a dispute arises as to the amount to be paid in respect of the value of improvements under subsection (1) (c) to the lessee or former lessee of that lot, that dispute shall be resolved— if the lease of that lot so provides or so provided or the parties to the dispute otherwise agree—by reference to arbitration under the Commercial Arbitration Act 2013 ; or in any other case—by an order of the Court. (new) An application for an order under subsection (3) (b) may be made by any party to the dispute concerned. (new) Notice of the application shall be served, in accordance with rules of court, on such persons as the Court may direct. (new) As far as practicable, all applications which relate to the same leasehold building units plan shall be heard together. (new) At any time before the expiry of the terms of leases of the lots and the common property (if any) comprised in a leasehold building units plan, the lessee of any of those lots, the lessor, the body corporate or any creditor of the body corporate may apply to the Court for an order under subsection (10) . (new) Notice of an application under subsection (7) shall be served, in accordance with the rules of court, on every person referred to in that subsection other than the applicant and on such other persons (including creditors of the body corporate) as the Court directs. (new) The person making an application under subsection (7) and any person referred to in subsection (8) (whether served with a copy of the notice of the application or not) is entitled to appear and be heard at the hearing of the application. (new) At the hearing of an application under subsection (7) , the Court may make an order to the effect that, despite the expiry of the leases of the lots and common property (if any) the subject of the leasehold building units plan concerned, the body corporate shall continue in existence for the purposes specified in the order until such date as may be specified in the order or in a further order of the Court. (new) An order made under subsection (10) may include directions for or with respect to any of the following matters— the sale or disposition of any property of the body corporate; the discharge of the liabilities of the body corporate; the persons liable to contribute money required for the discharge of the liabilities of the body corporate and the proportionate liability of each such person; the distribution of the assets of the body corporate and the proportionate entitlement of each person under that distribution; the administration and functions of the body corporate; any legal proceedings which have been brought by or against the body corporate and which are currently pending; the voting power at meetings of the body corporate of persons referred to in paragraphs (c) and (d); any matter in respect of which it is, in the opinion of the Court, just and equitable, in the circumstances of the case, to make provision in the order; the winding-up of the body corporate (including the appointment and functions of any person to carry out the winding-up). (new) An order under subsection (10) shall have effect according to its tenor despite any other provision of this part. (new) The Court may, from time to time, vary any order made under subsection (10) on the application of any person who was entitled to appear and be heard on the hearing of the application for that order. (new) (sec.24E-ssec.1) When all leases of the lots and common property (if any) that are the subject of a leasehold building units plan expire or are otherwise determined without being wholly or partly replaced by further leases of the lots or common property registered under the Land Title Act 1994 , then, except as otherwise provided by this section— the leasehold building units plan is terminated; and the body corporate constituted for the purposes of the leasehold building units plan is dissolved; and if the leases so provide or it is so provided in any other agreement—the former lessor under the leasehold building units plan is liable to pay to each person who, immediately before the termination of the plan, was the lessee of a lot (the former lessee ) such amount by way of compensation, calculated in accordance with the formula set out in schedule 6 or as otherwise agreed by the former lessor and former lessee, in respect of the value of the improvements comprised within the former parcel as is attributable to the lot leased by the former lessee; and all rights which were vested in the body corporate immediately before its dissolution (being rights which, but for the dissolution of the body corporate, would have survived the expiry of the term of the leases) are vested in the former lessees; and the former lessees become jointly and severally liable for all of the liabilities of the body corporate subsisting immediately before its dissolution; and any legal proceedings begun by or against the body corporate may be completed by or against the former lessees. (new) (sec.24E-ssec.2) As soon as practicable after the termination of a leasehold building units plan, the registrar of titles shall, on the application of the lessor— record in the register the expiration or determination of the leases of the lots and common property comprised in the leasehold building units plan; and cancel the leasehold building units plan; and record in the register relating to the parcel that was the subject of the leasehold building units plan the fact that the leasehold building units plan has terminated. (new) (sec.24E-ssec.3) Where, in relation to a lot comprised in a leasehold building units plan that is about to be terminated under subsection (1) or to a former lot that was comprised in a leasehold building units plan that has already been so terminated, a dispute arises as to the amount to be paid in respect of the value of improvements under subsection (1) (c) to the lessee or former lessee of that lot, that dispute shall be resolved— if the lease of that lot so provides or so provided or the parties to the dispute otherwise agree—by reference to arbitration under the Commercial Arbitration Act 2013 ; or in any other case—by an order of the Court. (new) (sec.24E-ssec.4) An application for an order under subsection (3) (b) may be made by any party to the dispute concerned. (new) (sec.24E-ssec.5) Notice of the application shall be served, in accordance with rules of court, on such persons as the Court may direct. (new) (sec.24E-ssec.6) As far as practicable, all applications which relate to the same leasehold building units plan shall be heard together. (new) (sec.24E-ssec.7) At any time before the expiry of the terms of leases of the lots and the common property (if any) comprised in a leasehold building units plan, the lessee of any of those lots, the lessor, the body corporate or any creditor of the body corporate may apply to the Court for an order under subsection (10) . (new) (sec.24E-ssec.8) Notice of an application under subsection (7) shall be served, in accordance with the rules of court, on every person referred to in that subsection other than the applicant and on such other persons (including creditors of the body corporate) as the Court directs. (new) (sec.24E-ssec.9) The person making an application under subsection (7) and any person referred to in subsection (8) (whether served with a copy of the notice of the application or not) is entitled to appear and be heard at the hearing of the application. (new) (sec.24E-ssec.10) At the hearing of an application under subsection (7) , the Court may make an order to the effect that, despite the expiry of the leases of the lots and common property (if any) the subject of the leasehold building units plan concerned, the body corporate shall continue in existence for the purposes specified in the order until such date as may be specified in the order or in a further order of the Court. (new) (sec.24E-ssec.11) An order made under subsection (10) may include directions for or with respect to any of the following matters— the sale or disposition of any property of the body corporate; the discharge of the liabilities of the body corporate; the persons liable to contribute money required for the discharge of the liabilities of the body corporate and the proportionate liability of each such person; the distribution of the assets of the body corporate and the proportionate entitlement of each person under that distribution; the administration and functions of the body corporate; any legal proceedings which have been brought by or against the body corporate and which are currently pending; the voting power at meetings of the body corporate of persons referred to in paragraphs (c) and (d); any matter in respect of which it is, in the opinion of the Court, just and equitable, in the circumstances of the case, to make provision in the order; the winding-up of the body corporate (including the appointment and functions of any person to carry out the winding-up). (new) (sec.24E-ssec.12) An order under subsection (10) shall have effect according to its tenor despite any other provision of this part. (new) (sec.24E-ssec.13) The Court may, from time to time, vary any order made under subsection (10) on the application of any person who was entitled to appear and be heard on the hearing of the application for that order. (new) - (a) the leasehold building units plan is terminated; and - (b) the body corporate constituted for the purposes of the leasehold building units plan is dissolved; and - (c) if the leases so provide or it is so provided in any other agreement—the former lessor under the leasehold building units plan is liable to pay to each person who, immediately before the termination of the plan, was the lessee of a lot (the former lessee ) such amount by way of compensation, calculated in accordance with the formula set out in schedule 6 or as otherwise agreed by the former lessor and former lessee, in respect of the value of the improvements comprised within the former parcel as is attributable to the lot leased by the former lessee; and - (d) all rights which were vested in the body corporate immediately before its dissolution (being rights which, but for the dissolution of the body corporate, would have survived the expiry of the term of the leases) are vested in the former lessees; and - (e) the former lessees become jointly and severally liable for all of the liabilities of the body corporate subsisting immediately before its dissolution; and - (f) any legal proceedings begun by or against the body corporate may be completed by or against the former lessees. - (a) record in the register the expiration or determination of the leases of the lots and common property comprised in the leasehold building units plan; and - (b) cancel the leasehold building units plan; and - (c) record in the register relating to the parcel that was the subject of the leasehold building units plan the fact that the leasehold building units plan has terminated. - (a) if the lease of that lot so provides or so provided or the parties to the dispute otherwise agree—by reference to arbitration under the Commercial Arbitration Act 2013 ; or - (b) in any other case—by an order of the Court. - (a) the sale or disposition of any property of the body corporate; - (b) the discharge of the liabilities of the body corporate; - (c) the persons liable to contribute money required for the discharge of the liabilities of the body corporate and the proportionate liability of each such person; - (d) the distribution of the assets of the body corporate and the proportionate entitlement of each person under that distribution; - (e) the administration and functions of the body corporate; - (f) any legal proceedings which have been brought by or against the body corporate and which are currently pending; - (g) the voting power at meetings of the body corporate of persons referred to in paragraphs (c) and (d); - (h) any matter in respect of which it is, in the opinion of the Court, just and equitable, in the circumstances of the case, to make provision in the order; - (i) the winding-up of the body corporate (including the appointment and functions of any person to carry out the winding-up).