New South Wales Consolidated Acts

STRATA SCHEMES MANAGEMENT ACT 1996 - SECT 15

15 Termination of strata scheme

(1) An owners corporation for a strata scheme that is subject to an order of the Supreme Court under the Strata Schemes (Freehold Development) Act 1973 or the Strata Schemes (Leasehold Development) Act 1986 for its termination continues in existence until it is wound up in accordance with the order.

(2) While it so continues in existence, the owners corporation is constituted of persons who the order specifies are liable to contribute money required for the discharge of the liabilities of the owners corporation and persons who the order specifies are entitled to share in a distribution of assets of the owners corporation.

Note: A freehold strata scheme may be terminated under Part 3 of the Strata Schemes (Freehold Development) Act 1973 and a leasehold strata scheme may be terminated under Part 3 of the Strata Schemes (Leasehold Development) Act 1986 .