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STRATA SCHEMES DEVELOPMENT ACT 2015 - SECT 148
Termination on expiry of leases
148 Termination on expiry of leases
(1) When all leases of the lots and common property in a
leasehold strata scheme expire or are otherwise determined without being
wholly or partly replaced by further leases of the lots or common property
registered under the Real Property Act 1900 -- (a) the scheme is terminated,
and
(b) the owners corporation is dissolved, and
(c) if the leases or
another agreement provide for the payment of compensation for the value of
improvements comprised in the parcel--the former lessor of the scheme is
liable to pay compensation to each former owner for the value of the
improvements that is attributable to the former owner's lot, and
(d) all
rights vested in the owners corporation immediately before its dissolution
that, but for the dissolution, would have survived the expiry of the leases
are vested in the former owners, and
(e) the former owners become jointly and
severally liable for all of the liabilities of the owners corporation
subsisting immediately before its dissolution, and
(f) legal proceedings
begun by or against the owners corporation may be completed by or against the
former owners.
(2) Compensation payable under subsection (1) (c) is to be
determined in accordance with the formula set out in Schedule 6 or as
otherwise agreed by the former lessor and former owner.
(3) As soon as
practicable after the termination of a leasehold strata scheme, the
Registrar-General must, on application of the former lessor-- (a) cancel the
folios for the leases of the lots and common property in the scheme, and
(b)
cancel the strata plan for the scheme, and
(c) record on the folio for the
parcel that was the subject of the scheme the fact that the scheme is
terminated.
(4) Subsection (1) is subject to section 150.
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