(1)  A dealing for the sale or disposal of land that is yet to be developed and is subject to a registered staged development scheme takes effect on registration.

(2)  When submitted for registration, the dealing must be accompanied by –

(a) a copy of the undertaking to complete the development in accordance with the registered scheme; and

(b) a statutory declaration to the effect that the council has made no requirement under this Division for security for completion of the development in accordance with the registered scheme or that such a requirement has been complied with; and

(c) the prescribed fee.