On cancellation of the strata plan –

(a) the site vests in the former owners of the lots, as tenants in common, in shares proportional to the respective unit entitlements of their lots; and

(b) the body corporate is dissolved and any outstanding rights and liabilities attach to the owners in shares proportional to the respective unit entitlements of their lots; and

(c) any mortgage or other encumbrance registered over a lot attaches to the interest of the former owner of the lot in the site.