Australian Capital Territory Consolidated Acts

UNIT TITLES ACT 2001 - SECT 24

    (1)     This section applies to—

        (a)     a staged development; or

        (b)     any works (including, for example, landscaping, roadworks and work on driveways) required to give effect to a development provided for in an approved unit title application that (in the planning and land authority's opinion) will not be complete when the units plan is endorsed under section 27.

Note     An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).

    (2)     If this section applies, the planning and land authority may, by written notice to the lessee of the parcel, require the lessee to give a bond to the Territory providing security for—

        (a)     if it is a staged development—the completion of the development in accordance with the development statement; or

        (b)     in any other case—the completion of the works, as provided for in the unit title application, within the time stated in the notice.

Note     If a form is approved under s 180 for a bond, the form must be used.

    (3)     The required security must not exceed—

        (a)     for a staged development—10% of the total cost of the work required to be carried out to complete the staged development; or

        (b)     in any other case—the amount required to complete the incomplete works under 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 planning and land authority.