New South Wales Consolidated Acts

STRATA SCHEMES DEVELOPMENT ACT 2015 - SECT 154A

154A Meaning of "relevant interest"

(1) In this part,
"relevant interest" means a direct or indirect pecuniary interest or other interest a person has in the proposed collective sale or redevelopment of a strata scheme.

(2) Without limiting subsection (1), a person has a direct or indirect pecuniary interest if the person--

(a) is a member of, or employed by--

(i) the proposed purchaser for a collective sale, or

(ii) the proposed developer for a redevelopment, or

(iii) a related entity of the proposed purchaser or developer, or

(b) is a member of, or employed by, a prospective purchaser or developer who has made a competing offer to purchase the parcel or redevelop the scheme, or a related entity, or

(c) has entered into an agreement, including an agreement conferring an option, with a proposed or prospective purchaser or developer, or

(d) owns, or is a member of, or employed by, an entity that owns, land that--

(i) is not part of the parcel, and

(ii) may be impacted by the proposed collective sale or redevelopment.

(3) An owner of a lot does not have a direct or indirect pecuniary interest merely because the owner will--

(a) receive an apportioned amount for the sale of the lots and common property in a collective sale, or

(b) benefit from a redevelopment in the same way other owners will generally benefit from the redevelopment.

(4) In this section--

"option" means a call option or put option within the meaning of the Duties Act 1997 , Chapter 3, Part 2.

"related entity" has the same meaning as in the Corporations Act 2001 of the Commonwealth, section 9.