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LAND TITLE ACT 1994 - SECT 115V
Recording termination of scheme
115V Recording termination of scheme
(1) If section 115U is complied with, the registrar must record the
cancellation of the community management statement, and must also— (a)
register the termination in the freehold land register; and
(b) cancel the
particulars (other than particulars of easements, covenants and other dealings
capable of being maintained against scheme land after termination of the
scheme) recorded in the freehold land register about scheme land.
(2) The
termination takes effect when the registrar completes the action mentioned in
subsection (1) .
(3) On the termination of the scheme, the registrar must
create 1 or more indefeasible titles for all land that, immediately before the
termination, was scheme land.
(4) The registered owners for a title mentioned
in subsection (3) — (a) are the persons (
"former owners" ) who, immediately before the scheme’s termination, were the
owners of the scheme land; and
(b) must be recorded as tenants in common in
the shares proportionate to their respective interest schedule lot
entitlements immediately before the termination.
(5) If a lot included in the
scheme was subject to a mortgage immediately before the scheme was terminated,
the former owner’s interest in the land as tenant in common is subject to
the mortgage.
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