COMMUNITY TITLE ACT 2001 - SECT 13 Security for staged developments and unfinished works

COMMUNITY TITLE ACT 2001 - SECT 13

    (1)     This section applies—

        (a)     to a community title scheme that provides for development of the scheme land in stages (a staged development ); and

        (b)     to works (including landscaping, roadworks and work on driveways) needed for a development provided for in an approved community title scheme proposal that (in the opinion of the territory planning authority) will not be finished when the community title scheme plan is endorsed under section 14.

    (2)     If this section applies, the territory planning authority may, by written notice to the developer of the scheme, require the developer to give a bond to the Territory providing security—

        (a)     for a staged development—for the completion of the development in accordance with the management statement; or

        (b)     in any other case—for the completion of the works, as provided for in the community title proposal, within the time mentioned in the notice.

Note     If a form is approved under s 97 for a bond, the form must be used.

    (3)     The required security must not be more than—

        (a)     for a staged development—10% of the total cost of the work necessary to finish the staged development; or

        (b)     in any other case—the amount needed to finish the incomplete works as required by the notice.

    (4)     If a bond is forfeited, the Territory is entitled to all of the security or to a lesser amount decided by the territory planning authority.