New South Wales Consolidated Acts

COMMUNITY LAND DEVELOPMENT ACT 1989 - SECT 31

31 Vesting of association property

(1) On registration of the plan or dealing by which it is created, association property vests in the relevant association.

(2) Land vests under this section for the estate or interest evidenced by the folio for the land.

(3) On vesting, the land is freed from any mortgage, charge, covenant charge, writ or caveat that affected it immediately before it became association property.

(4) The estate or interest of an association in its association property is held by it--

(a) if it has only 1 member--as agent for the member, or

(b) if it has more than 1 member--as agent for all the members as tenants in common in the shares prescribed by section 32.