New South Wales Consolidated Acts

CONVEYANCING ACT 1919 - SECT 196I

196I Effect of building management statement

(1) A registered building management statement, as in force for the time being, has effect as an agreement under seal containing the covenants referred to in subsection (2) entered into by--

(a) each owner for the time being of any part of the building or its site affected by the statement, and

(b) any mortgagee in possession or lessee or sublessee of any part of the building or its site affected by the statement.

(2) The covenants referred to in this section are--

(a) a covenant by which those persons jointly and severally agree to carry out their obligations under the building management statement as from time to time in force, and

(b) a covenant by which those persons jointly and severally agree to permit the carrying out of those obligations.

(3) The agreement ceases to have effect under this Division in relation to a person who is described in subsection (1) on that person ceasing to be a person so described.

(4) Subsection (3) does not prejudice or affect any obligation that was incurred by a person, or any right that accrued to a person, under the agreement while the agreement was in force.

(5) A registered building management statement has no effect to any extent to which it is inconsistent with--

(a) any condition imposed, before the registration of the statement, on a development consent relating to the building to which the statement relates or its site, or

(b) this or any other Act or any other law.

(6) Except as may be provided otherwise by this Act or the regulations, a provision in any instrument under which the agreement is excluded, modified or restricted is void.

(7) A covenant entered into under the agreement does not merge in a transfer of a lot.

(8) Nothing in this section affects any right or remedy that a person may have under a building management statement apart from a right or remedy under this Division.