(1) In this division:
"property developer"—
(a) means a corporation that carries on a business involving the residential or commercial development of land to sell or lease for profit; but
(b) does not include the following:
(i) an incorporated association under the Associations Incorporation Act 1991
;
(ii) a corporation operated on a not-for-profit basis;
(iii) a corporation declared under section 222K;
(iv) any other corporation prescribed by regulation.
Examples—subpar (ii)
1 a company under the Corporations Act
limited by guarantee that is prevented by its governing documents from distributing the company's profits or assets to its shareholders
2 a corporation registered with the Australian Charities and Not-for-profits Commission
Note Power to make a regulation includes power to make different provision in relation to different matters or different classes of matters, and to make a regulation that applies differently by reference to stated exceptions or factors (see Legislation Act
, s 48).
(2) In this section:
"development", in relation to land—see the Planning Act 2023
, section 14 (1).