COMMUNITY LAND DEVELOPMENT ACT 1989 - SECT 70
Variation or termination of scheme by Supreme Court
COMMUNITY LAND DEVELOPMENT ACT 1989 - SECT 70
Variation or termination of scheme by Supreme Court
70 Variation or termination of scheme by Supreme Court
(1) If the Supreme Court is satisfied-- (a) that completion of a staged scheme
has become impracticable--the Court may vary any applicable
development contract or terminate the scheme, or
(b) that continuation of a
scheme (whether or not a staged scheme) has become impracticable--the Court
may vary or terminate the scheme, or
(c) that the association of a
community scheme, each proprietor of a lot within the community scheme and
each registered mortgagee, chargee and covenant chargee of a lot within the
community scheme have made an application to the Court to terminate the
scheme--the Court may vary or terminate the community scheme and any scheme
within the community scheme.
(2) An order of the Supreme Court varying a
development contract may provide for-- (a) the conversion of a development lot
or former development lot to community property or precinct property, or
(b)
the conversion of a neighbourhood lot to neighbourhood property, or
(c) the
severance from the scheme of a development lot or a neighbourhood lot, or
(d)
any other matter the Court considers to be appropriate, just and equitable in
the circumstances.
(3) An order of the Supreme Court varying or terminating a
scheme may provide for all or any of the following-- (a) the adjustment,
exercise and discharge of rights and liabilities under the scheme of an
association and its members,
(b) disposal of the assets of an association or
of a strata corporation that is a member of an association,
(c) the vesting
of estates or interests in land within the staged scheme,
(d) the winding up
of an association or of a strata corporation that is a member of an
association,
(e) a variation of unit entitlements in accordance with a new
valuation,
(f) the registration of a new plan or reversion to a former plan,
(g) any other matter that the Court considers to be appropriate, just and
equitable in the circumstances.
(4) If the Supreme Court orders termination
of a scheme, the parcel that was subdivided to constitute the scheme is, for
the purposes of section 23F of the Conveyancing Act 1919 , reinstated as a
lot in a current plan.
(5) Subsection (4) does not apply if the Supreme Court
orders the lodgment for registration of a current plan for the parcel.