If the owner of land subject to a registered community development scheme proposes to sell or dispose of land subject to the scheme –

(a) the owner must give written notice of the proposed transaction to the council for the area in which the site is situated; and

(b) the person who is to acquire title to the land in consequence of the transaction must –

(i) give to the council a written undertaking to develop the land in accordance with the registered scheme; and

(ii) give the council any security required by the council, within 28 days after notice of the transaction was given to the council, for the development of the land in accordance with the scheme.