New South Wales Consolidated Acts

STRATA SCHEMES (FREEHOLD DEVELOPMENT) ACT 1973 - SECT 28Q

28Q Conclusion of development scheme

(1) For the purposes of this Division, a development scheme to which a strata development contract relates is concluded when any of the following occurs:

(a) any development consent required for carrying out the scheme is revoked,

(b) a strata plan of subdivision is registered which subdivides the last remaining unsubdivided development lot to which the contract relates or subdivides the residue of that development lot after excision of part of that lot in accordance with the contract,

(c) the time predicted by the contract for conclusion of the development scheme arrives,

(d) a notice in the approved form, that complies with subsection (3) and stating that the development scheme to which the contract relates has concluded, is registered by the Registrar-General,

(e) the development scheme is concluded under section 28QA by an order of the Land and Environment Court,

(f) the strata scheme concerned is terminated under Part 3 by an order of the Supreme Court.

(2) A strata development contract must predict a time, being no later than the tenth anniversary of the day on which the contract was registered, as the time for conclusion of the development scheme to which it relates.

(3) A notice complies with this subsection only if:

(a) it has been signed by the developer concerned, and

(b) it has been signed by each registered mortgagee, chargee, covenant chargee and lessee of the development lot, and

(c) it is lodged with a certificate, given in the approved form by the body corporate for the strata scheme concerned, certifying that the relevant agreement is supported by a unanimous resolution of the body corporate.

(4) The Registrar-General is required to make an appropriate record of the conclusion of a development scheme in the folio for the body corporate and the common property (if any) of the strata scheme concerned.

(5) If, after the conclusion of a development scheme, a revised schedule of unit entitlement for a strata scheme is lodged with the Registrar-General in accordance with section 28QAA, the Registrar-General must record it as the schedule of unit entitlement in substitution for the existing schedule of unit entitlement for the scheme.