New South Wales Consolidated Acts

COMMUNITY LAND DEVELOPMENT ACT 1989 - SECT 73

73 Consequences of termination order by the Registrar-General

(1) When an order terminating a neighbourhood scheme under section 72 takes effect--

(a) the neighbourhood association is dissolved and the neighbourhood scheme is terminated, and

(b) the former proprietors of the neighbourhood lots are liable for the liabilities of the neighbourhood association in shares proportional to the unit entitlements of their neighbourhood lots, and

(c) the land in the neighbourhood parcel defined in the plan lodged with the application for the order and the assets of the neighbourhood association vest in the former proprietors as tenants in common in shares proportional to the unit entitlements of their neighbourhood lots, and

(d) the Registrar-General is to cancel the folios of the Register that evidenced title to the lots and neighbourhood property in the neighbourhood scheme immediately before its termination, and

(e) the estate or interest of the former proprietors in land vested by paragraph (c) is subject to any estate or interest subsisting on the folios of the Register for the land immediately before the termination, and

(f) the Registrar-General is to create a folio of the Register for the land in the plan lodged with the application for the order.

(2) The Registrar-General may make appropriate recordings in the Register to give effect to the termination and its consequences.

(3) In this section--

"former proprietors" means the persons who were the proprietors immediately before the termination order took effect.