New South Wales Consolidated Acts

STRATA SCHEMES (FREEHOLD DEVELOPMENT) ACT 1973 - SECT 25

25 Transfer or lease of common property

(1) A body corporate may, pursuant to a special resolution, execute a transfer or lease of common property other than common property the subject of a lease accepted or acquired by the body corporate under section 19 (2).

(1A) Subsection (1) does not authorise a transfer by the body corporate under a strata scheme that is part of a community scheme under the Community Land Development Act 1989 .

(2) A body corporate, pursuant to a special resolution, may, if not prevented by the terms of the lease, transfer a lease of common property accepted or acquired by the body corporate under section 19 (2) or grant, by way of sub-lease, a lease of its estate or interest in common property the subject of a lease so accepted or acquired.

(2A) A body corporate may, pursuant to a special resolution, execute a variation of any such lease or sublease pursuant to section 55A of the Real Property Act 1900 .

(3) A body corporate may, pursuant to a special resolution, accept a surrender of a lease, or, if otherwise empowered so to do, re-enter under a lease, granted under subsection (1) or (2).

(4) The Registrar-General shall register a dealing referred to in this section by making in the Register such recordings with respect to the dealing as he considers appropriate.