Western Australian Current Acts Western Australian Current Acts (1) A person shall not
directly or indirectly offer to the public for purchase, offer to the public
options to purchase, or invite the public to purchase any undivided share in
land unless —
(a)
there is in force in relation to the undivided share a managed investment
scheme that is registered under Part 5C.1 of the Corporations Act 2001 of the
Commonwealth;
(b) the
offer or invitation relates to a specified building (whether then in existence
or proposed to be erected) and any purchaser of the undivided share will have
the right to the exclusive occupation or use of that building or a specified
part of that building;
(c)
neither the offeror nor any of his associates is carrying on the business of
selling or dealing in undivided shares in land; or
(d) the
Minister has, pursuant to section 19C, exempted the offer or invitation from
the provisions of this Part.
Penalty for this subsection: a fine of $100 000.
(2) Proceedings for
any offence against this section may be taken by the Registrar or, with the
written consent of the Minister, by any person.
(3) Notwithstanding
the provisions of any other Act, proceedings for any offence against this
section may be brought within the period of 3 years after the commission of
the alleged offence or, with the consent of the Minister, at any later time.
(4) A person shall not
be relieved from any liability to a purchaser of, or the holder of an option
to purchase, an undivided share in land by reason of any contravention of this
section.
(5) It is a defence to
a charge of an offence against this section for the accused to show —
(a) that
at the time the offer or invitation was made it related to the total interest
of the offeror and his associates, if any, in the land;
(b) that
the offeror and his associates, if any, proposed to sell that total interest
in one transaction or grant an option to purchase that total interest in one
transaction, as the case requires; and
(c) that
since the offer or invitation was first made after the coming into operation
of the Sale of Land Act Amendment Act 1974 , neither the offeror nor any of
his associates has, in any one transaction or in any number of simultaneously
executed transactions which can fairly be regarded as one transaction, sold or
granted options to purchase anything less than that total interest.
[Section 19B inserted: No. 70 of 1974 s. 5;
amended: No. 10 of 1982 s. 28; No. 20 of 2003 s. 44; No. 84 of 2004 s. 80 and
82; No. 38 of 2016 s. 13.]