Victorian Consolidated Legislation

Transfer of Land Act 1958 - SECT 98A

As to relationship between title to stratum estate and shares in service company etc.

98A. As to relationship between title to stratum estate and shares in
service company etc.



(1) Notwithstanding anything to the contrary in any Act or law the following
provisions shall have effect in respect of every building subdivision in
relation to which a service company operates or is intended to operate-

   (a)  no shares or other like interests in the service company to which are
        attached any voting rights or any rights of participation in profits
        or capital distribution shall be allotted except those which are
        intended to be issued or sold with or in respect of the several
        stratum estates in the subdivision;

   (b)  the shares or other like interests in the service company which are
        issued or sold with or in respect of any stratum estate in the
        subdivision shall be an interest in land, shall be included in any
        folio of the Register created in respect of the stratum estate and
        shall pass with the stratum estate and not otherwise;

   (c)  no sale transfer assignment mortgage charge or other dealing with the
        shares or like interests in the service company which were issued or
        sold with or in respect of any stratum estate shall be of any force or
        effect in law or in equity unless made or having effect as part of or
        in conjunction with a sale transfer assignment mortgage charge or
        other appropriate dealing with the relevant stratum estate; and

   (d)  no transfer or other dealing with any stratum estate shall be
        registered until the service company is registered as the proprietor
        of the residual land.

(2) The registered proprietor of any stratum estate in respect of which a
folio of the Register was created before the commencement of the Transfer of
Land (Stratum Estates) Act 1960 may make application in an appropriate
approved form to the Registrar for the inclusion in that certificate of the
shares or other like interests sold or issued with or in respect of that
estate and such shares or interests may be included in the certificate
accordingly, and where so included shall be an interest in land and shall pass
with the stratum estate and not otherwise.