Victorian Current Acts

TRANSFER OF LAND ACT 1958 - SECT 98A

    (1)     Notwithstanding anything to the contrary in any Act or law the following provisions shall have effect in respect of every building subdivision in relation to which a service company operates or is intended to operate—

        (a)     no shares or other like interests in the service company to which are attached any voting rights or any rights of participation in profits or capital distribution shall be allotted except those which are intended to be issued or sold with or in respect of the several stratum estates in the subdivision;

S. 98A(1)(b) amended by No. 18/1989 s. 12(Sch. 1 item 143).

        (b)     the shares or other like interests in the service company which are issued or sold with or in respect of any stratum estate in the subdivision shall be an interest in land, shall be included in any folio of the Register created in respect of the stratum estate and shall pass with the stratum estate and not otherwise;

        (c)     no sale transfer assignment mortgage charge or other dealing with the shares or like interests in the service company which were issued or sold with or in respect of any stratum estate shall be of any force or effect in law or in equity unless made or having effect as part of or in conjunction with a sale transfer assignment mortgage charge or other appropriate dealing with the relevant stratum estate; and

        (d)     no transfer or other dealing with any stratum estate shall be registered until the service company is registered as the proprietor of the residual land.

S. 98A(2) amended by Nos 9976 s. 11, 18/1989 s. 12(Sch.  1 item 144).

    (2)     The registered proprietor of any stratum estate in respect of which a folio of the Register was created before the commencement of the Transfer of Land (Stratum Estates) Act 1960 may make application in an appropriate approved form to the Registrar for the inclusion in that certificate of the shares or other like interests sold or issued with or in respect of that estate and such shares or interests may be included in the certificate accordingly, and where so included shall be an interest in land and shall pass with the stratum estate and not otherwise.

S. 98B inserted by No. 6646 s. 3.