163Cancellation of units plan—new lease over parcel

163 Cancellation of units plan—new lease over parcel (1) The new lease arising under section 162 (e)— (a) is held by— (i) the owners of the units immediately before registration of the authority as tenants in common in shares proportional to their former unit entitlement; or (ii) if there was a single owner of all the units immediately before the registration of the authority—by the owner; and (b) expires on the day each of the leases of the units, and the lease of the common property, would have expired if it were not for the cancellation of the units plan; and (c) is otherwise governed by the provisions to which the lease of the parcel was subject immediately before the registration of the units plan, subject to any declaration of the territory planning authority under section 160 (6) (Cancellation authority—grant by territory planning authority) or any declaration of the Supreme Court under section 161A (4) (b) (Cancellation orders—Supreme Court powers); and (d) is taken to be granted by the Territory under the Planning Act 2023, chapter 10. (2) If immediately before the registration of the authority, 2 or more people were the owners of a unit, 2 or more units or all the units (whether as joint tenants or tenants in common), the share in the estate, or the whole estate, vests in them under subsection (1) (a)— (a) if they were joint tenants—jointly; or (b) if they were tenants in common—as tenants in common in shares proportional to their former shares in the unit or units. (3) The share in the estate that vests in a person under subsection (1) (a) is subject to any mortgage and easement mentioned in the Land Titles (Unit Titles) Act 1970, section 17.