sec.26-oc.2Termination of leasehold building units plan

### sec.26-oc.2 Termination of leasehold building units plan An application to the Court for an order under subsection (4) may be made by— the lessor or any lessee of a lot in the leasehold building units plan concerned; or where the lease of any such lot is subject to a registered mortgage—the mortgagee; or the body corporate. (new) Notice of the application shall be served, in accordance with the rules of court, on— every person referred to in subsection (1) , other than the applicant; and the local government except where the corporation is the local government; and the registrar of titles; and such other persons (including creditors of the body corporate) as the Court may direct. (new) The applicant and any person referred to in subsection (2) (whether or not served with notice of the application) shall be entitled to appear and be heard on the hearing of the application. (new) The Court may, on an application made under subsection (1) , make an order terminating the leasehold building units plan concerned. (new) In making an order under subsection (4) the Court must take into account the interests of the lessor and the interests of the lessees of lots. (new) An order made under subsection (4) shall take effect on such day as may be specified in the order. (new) An order made under subsection (4) shall include directions for or with respect to 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; the voting power at meetings of the body corporate of persons referred to in paragraph (c) or (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) Upon an order under this section taking effect— the estate or interest of the former lessees in that part of the former parcel which consisted of common property held by the body corporate as agent for the former lessees vests in the body corporate as principal, subject only to any estate or interest recorded on the leasehold building units plan or on any registered sublease, evidencing the estate or interest of the body corporate in that common property; and the estates or interests of every lessee in that part of the former parcel which did not consist of common property vests in the body corporate as principal, subject only to any estate or interest recorded on the leasehold building units plan evidencing the estate or interest of the body corporate in the common property comprised in that former parcel to the extent that the estate or interest so recorded was capable of affecting the lease of any former lot; and the persons who, immediately before the order took effect, were lessees of lots the subject of the leasehold building units plan concerned cease to be lessees of lots subject to that leasehold building units plan; and the persons whose estates or interests are divested by paragraph (b) have instead such rights and liabilities as are conferred or imposed upon them by the order; and if the leases so provided or it is provided in any other agreement—the former lessor is liable to pay to each former lessee such amount by way of compensation, determined 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. (new) The provisions of an order made under this section shall have effect despite any provision of this Act, other than this section. (new) An order made under subsection (4) shall have effect according to its tenor. (new) Where the Court is of the opinion that an order should not be made under subsection (4) — it may, upon application made by any person entitled to appear and be heard on the hearing of the application made under subsection (1) or of its own motion, direct that the application be treated as an application for an order under section 25 ; and where it makes such a direction— the application the subject of the direction shall be deemed to be an application made under section 25 by a person entitled to make the application; and the applicant under subsection (1) , as well as any other person entitled to appear and be heard under section 25 , is entitled to appear and be heard on the hearing of the application. (new) The Court may, from time to time, vary any order made under subsection (4) on the application of any person who was entitled to appear and be heard on the hearing of the application for that order. (new) Where, in relation to a former lot that was comprised in a leasehold building units plan that has been terminated by an order made under subsection (4) , a dispute arises as to the amount to be paid in respect of the value of improvements under subsection (7) (e) to the former lessee of that lot, that dispute shall be resolved— if the lease of the lot 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 (12) (b) may be made by any party to the dispute concerned. (new) Notice of an application for an order under subsection (12) shall be served, in accordance with the 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) (sec.26-oc.2-ssec.1) An application to the Court for an order under subsection (4) may be made by— the lessor or any lessee of a lot in the leasehold building units plan concerned; or where the lease of any such lot is subject to a registered mortgage—the mortgagee; or the body corporate. (new) (sec.26-oc.2-ssec.2) Notice of the application shall be served, in accordance with the rules of court, on— every person referred to in subsection (1) , other than the applicant; and the local government except where the corporation is the local government; and the registrar of titles; and such other persons (including creditors of the body corporate) as the Court may direct. (new) (sec.26-oc.2-ssec.3) The applicant and any person referred to in subsection (2) (whether or not served with notice of the application) shall be entitled to appear and be heard on the hearing of the application. (new) (sec.26-oc.2-ssec.4) The Court may, on an application made under subsection (1) , make an order terminating the leasehold building units plan concerned. (new) (sec.26-oc.2-ssec.4A) In making an order under subsection (4) the Court must take into account the interests of the lessor and the interests of the lessees of lots. (new) (sec.26-oc.2-ssec.5) An order made under subsection (4) shall take effect on such day as may be specified in the order. (new) (sec.26-oc.2-ssec.6) An order made under subsection (4) shall include directions for or with respect to 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; the voting power at meetings of the body corporate of persons referred to in paragraph (c) or (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.26-oc.2-ssec.7) Upon an order under this section taking effect— the estate or interest of the former lessees in that part of the former parcel which consisted of common property held by the body corporate as agent for the former lessees vests in the body corporate as principal, subject only to any estate or interest recorded on the leasehold building units plan or on any registered sublease, evidencing the estate or interest of the body corporate in that common property; and the estates or interests of every lessee in that part of the former parcel which did not consist of common property vests in the body corporate as principal, subject only to any estate or interest recorded on the leasehold building units plan evidencing the estate or interest of the body corporate in the common property comprised in that former parcel to the extent that the estate or interest so recorded was capable of affecting the lease of any former lot; and the persons who, immediately before the order took effect, were lessees of lots the subject of the leasehold building units plan concerned cease to be lessees of lots subject to that leasehold building units plan; and the persons whose estates or interests are divested by paragraph (b) have instead such rights and liabilities as are conferred or imposed upon them by the order; and if the leases so provided or it is provided in any other agreement—the former lessor is liable to pay to each former lessee such amount by way of compensation, determined 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. (new) (sec.26-oc.2-ssec.8) The provisions of an order made under this section shall have effect despite any provision of this Act, other than this section. (new) (sec.26-oc.2-ssec.9) An order made under subsection (4) shall have effect according to its tenor. (new) (sec.26-oc.2-ssec.10) Where the Court is of the opinion that an order should not be made under subsection (4) — it may, upon application made by any person entitled to appear and be heard on the hearing of the application made under subsection (1) or of its own motion, direct that the application be treated as an application for an order under section 25 ; and where it makes such a direction— the application the subject of the direction shall be deemed to be an application made under section 25 by a person entitled to make the application; and the applicant under subsection (1) , as well as any other person entitled to appear and be heard under section 25 , is entitled to appear and be heard on the hearing of the application. (new) (sec.26-oc.2-ssec.11) The Court may, from time to time, vary any order made under subsection (4) 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.26-oc.2-ssec.12) Where, in relation to a former lot that was comprised in a leasehold building units plan that has been terminated by an order made under subsection (4) , a dispute arises as to the amount to be paid in respect of the value of improvements under subsection (7) (e) to the former lessee of that lot, that dispute shall be resolved— if the lease of the lot 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.26-oc.2-ssec.13) An application for an order under subsection (12) (b) may be made by any party to the dispute concerned. (new) (sec.26-oc.2-ssec.14) Notice of an application for an order under subsection (12) shall be served, in accordance with the rules of court, on such persons as the Court may direct. (new) (sec.26-oc.2-ssec.15) As far as practicable, all applications which relate to the same leasehold building units plan shall be heard together. (new) - (a) the lessor or any lessee of a lot in the leasehold building units plan concerned; or - (b) where the lease of any such lot is subject to a registered mortgage—the mortgagee; or - (c) the body corporate. - (a) every person referred to in subsection (1) , other than the applicant; and - (b) the local government except where the corporation is the local government; and - (c) the registrar of titles; and - (d) such other persons (including creditors of the body corporate) as the Court may direct. - (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) the voting power at meetings of the body corporate of persons referred to in paragraph (c) or (d) ; - (g) 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; - (h) the winding-up of the body corporate (including the appointment and functions of any person to carry out the winding-up). - (a) the estate or interest of the former lessees in that part of the former parcel which consisted of common property held by the body corporate as agent for the former lessees vests in the body corporate as principal, subject only to any estate or interest recorded on the leasehold building units plan or on any registered sublease, evidencing the estate or interest of the body corporate in that common property; and - (b) the estates or interests of every lessee in that part of the former parcel which did not consist of common property vests in the body corporate as principal, subject only to any estate or interest recorded on the leasehold building units plan evidencing the estate or interest of the body corporate in the common property comprised in that former parcel to the extent that the estate or interest so recorded was capable of affecting the lease of any former lot; and - (c) the persons who, immediately before the order took effect, were lessees of lots the subject of the leasehold building units plan concerned cease to be lessees of lots subject to that leasehold building units plan; and - (d) the persons whose estates or interests are divested by paragraph (b) have instead such rights and liabilities as are conferred or imposed upon them by the order; and - (e) if the leases so provided or it is provided in any other agreement—the former lessor is liable to pay to each former lessee such amount by way of compensation, determined 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. - (a) it may, upon application made by any person entitled to appear and be heard on the hearing of the application made under subsection (1) or of its own motion, direct that the application be treated as an application for an order under section 25 ; and - (b) where it makes such a direction— (i) the application the subject of the direction shall be deemed to be an application made under section 25 by a person entitled to make the application; and (ii) the applicant under subsection (1) , as well as any other person entitled to appear and be heard under section 25 , is entitled to appear and be heard on the hearing of the application. - (i) the application the subject of the direction shall be deemed to be an application made under section 25 by a person entitled to make the application; and - (ii) the applicant under subsection (1) , as well as any other person entitled to appear and be heard under section 25 , is entitled to appear and be heard on the hearing of the application. - (i) the application the subject of the direction shall be deemed to be an application made under section 25 by a person entitled to make the application; and - (ii) the applicant under subsection (1) , as well as any other person entitled to appear and be heard under section 25 , is entitled to appear and be heard on the hearing of the application. - (a) if the lease of the lot 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.