Northern Territory regulation

TERMINATION OF UNITS PLANS AND UNIT TITLE SCHEMES REGULATIONS 2014

In ForceNT

Jurisdiction

Northern Territory

Collection

regulation

Plain English Summary

3/10 complexity

These Regulations set the administrative rules for ending unit plans and unit title schemes: they name the recognised valuers’ body, fix application and valuer appointment fees, list the documents applicants must supply, and tell the Tribunal which factors and fairness matters to consider. Owners, applicants and developers face the fees and documentary requirements; the schemes supervisor can waive fees and the Tribunal has discretionary, partly subjective criteria to decide whether termination and any sale or distribution should proceed.

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TERMINATION OF UNITS PLANS AND UNIT TITLE SCHEMES REGULATIONS 2014

NORTHERN TERRITORY OF AUSTRALIA TERMINATION OF UNITS PLANS AND UNIT TITLE SCHEMES REGULATIONS 2014 As in force at 23 December 2015 Table of provisions 1 Citation ............................................................................................ 1 2 Prescribed professional organisation............................................... 1 3 Application fee ................................................................................. 1 4 Additional documents ...................................................................... 1 5 Fee for appointment of valuer .......................................................... 2 6 Factor for Tribunal to take into account ........................................... 2 7 Matters for Tribunal to consider ....................................................... 2 ENDNOTES

NORTHERN TERRITORY OF AUSTRALIA

As in force at 23 December 2015

TERMINATION OF UNITS PLANS AND UNIT TITLE SCHEMES REGULATIONS 2014 Regulations under the Termination of Units Plans and Unit Title Schemes Act 2014 1 Citation These Regulations may be cited as the Termination of Units Plans and Unit Title Schemes Regulations 2014. 2 Prescribed professional organisation The Australian Valuers Institute Co-op Limited is the prescribed professional organisation for the definition of valuer in section 4(1) of the Act. 3 Application fee (1) The fee prescribed for section 9(1) of the Act is 2 000 revenue units. (2) The schemes supervisor may waive (wholly or partly) the fee. 4 Additional documents The following documents are prescribed for section 12(9)(a)(ii) of the Act: (a) the resolution that was passed; (b) a document listing the names of the owners of the units and indicating how each owner voted on the resolution; (c) a document that proves service of the notice of proposed termination on: (i) each owner of a unit in the development; and (ii) each mortgagee of a unit; and

Termination of Units Plans and Unit Title Schemes Regulations 2014 2 (iii) any other person who has a registered interest in the development. 5 Fee for appointment of valuer The fee prescribed for section 13(4)(a) of the Act is 200 revenue units. 6 Factor for Tribunal to take into account The factor prescribed for section 17(1)(c) of the Act is whether the body corporate for the development had, in the period before the application for the order, been functional. 7 Matters for Tribunal to consider The matters prescribed for section 17(2)(e) of the Act are as follows: (a) the extent to which the development could, if termination were not ordered, be a functional neighbourhood; (b) if the Tribunal is considering an application mentioned in section 15(b) of the Act – whether the proponent, before making the application under section 9(1) of the Act, made a reasonable proposal in relation to the development other than for its termination; (c) if the proposed termination involves a sale of the development land – whether the proposed distribution of the proceeds is fair and reasonable; (d) the interests of other persons who have registered interests in the development.

ENDNOTES Termination of Units Plans and Unit Title Schemes Regulations 2014 3 ENDNOTES 1 KEY Key to abbreviations amd = amended od = order app = appendix om = omitted bl = by-law pt = Part ch = Chapter r = regulation/rule cl = clause rem = remainder div = Division renum = renumbered exp = expires/expired rep = repealed f = forms s = section Gaz = Gazette sch = Schedule hdg = heading sdiv = Subdivision ins = inserted SL = Subordinate Legislation lt = long title sub = substituted nc = not commenced 2 LIST OF LEGISLATION Termination of Units Plans and Unit Title Schemes Regulations (SL No. 49, 2014) Notified 2 January 2015 Commenced 2 January 2015 Termination of Units Plans and Unit Title Schemes Amendment Regulations 2015 (SL No. 34, 2015) Notified 23 December 2015 Commenced 23 December 2015 3 GENERAL AMENDMENTS General amendments of a formal nature (which are not referred to in the table of amendments to this reprint) are made by the Interpretation Legislation Amendment Act 2018 (Act No. 22, 2018) to: r 1. 4 LIST OF AMENDMENTS r 4 amd No. 34, 2015, r 3 r 7 amd No. 34, 2015, r 4

Source text

Sourced from NT Legislation (legislation.nt.gov.au), CC BY 4.0.

1 TERMINATION OF UNITS PLANS AND UNIT TITLE SCHEMES REGULATIONS 2014

NORTHERN TERRITORY OF AUSTRALIA

As in force at 23 December 2015