New South Wales Consolidated Acts

STRATA SCHEMES DEVELOPMENT ACT 2015 - SECT 150

150 Order to continue owners corporation for specified purposes

(1) At any time before the expiry of the leases of the lots and common property in a leasehold strata scheme, an owner of a lot in the scheme, the owners corporation or a creditor of the owners corporation may apply to the court for an order under subsection (4).

(2) Notice of the application must be served, in accordance with rules of court, on each person referred to in subsection (1), other than the applicant, and on the other persons directed by the court.

(3) The applicant and any person on whom notice must be served under subsection (2) is entitled to appear and be heard on the hearing of the application.

(4) At the hearing of the application, the court may make an order to the effect that, despite the expiry of the leases of the lots and common property in the scheme, the owners corporation continues in existence for the purposes specified in the order until the date specified in the order or in a further order of the court.

(5) The order may include directions relating to any of the following matters--

(a) the sale or disposition of property of the owners corporation,

(b) the discharge of the liabilities of the owners corporation,

(c) the termination of any development scheme,

(d) the persons liable to contribute money for the discharge of the liabilities of the owners corporation and the proportionate liability of the persons,

(e) the distribution of the assets of the owners corporation and the proportionate entitlement of each person under the distribution,

(f) the administration and functions of the owners corporation,

(g) pending legal proceedings that have been brought by or against the owners corporation,

(h) the voting power at meetings of the owners corporation of persons referred to in paragraphs (d) and (e),

(i) the winding up of the owners corporation, including the appointment and functions of a person to carry out the winding up,

(j) another matter in relation to which the court considers it is just and equitable to make provision in the order.

(6) The order has effect despite any other provision of this Act.

(7) The court may vary an order made under subsection (4) on the application of any person who was entitled to appear and be heard on the hearing of the application for the order.