26DSecurity for proposal

26D Security for proposal (1) In approving a condominium development proposal, the Surveyor- General must: (a) consider whether security is required for the proposal; and (b) if the Surveyor-General considers security is required for the proposal – seek the Minister's approval for the requirement. (2) The purpose of the security is to provide for any damages that may be payable to a claimant if there is a failure of the developer: (a) to comply with this Act; or (b) to complete the development or a stage of it in accordance with the disclosure statement. (3) The Minister may: (a) give the approval; and (b) specify in the approval the following requirements: (i) the form and amount of the security; (ii) how and by whom the security must be given and maintained. (4) If the Minister gives the approval, the Surveyor-General must, when approving the proposal: (a) specify the requirements mentioned in subsection (3)(b) as conditions for the approval of the proposal; and (b) specify that the approval of the proposal is subject to the compliance of the conditions. claimant means: (a) a proprietor of a unit in the development; or

Unit Titles Act 1975 26 (b) a person who has entered into a contract with the developer for the purchase of a proposed unit in the development.