Northern Territory Numbered Acts Northern Territory Numbered Acts(1) On the termination of a scheme under section 14 or 2010_Actu012.html#_Ref191712789">15 :
(a) the body corporate is dissolved; and
(b) each person who was a registered owner of a unit immediately before the termination ( former owner ) is entitled to a share of the body corporate assets in accordance with the interest entitlements; and
(c) the liabilities of the body corporate are vested jointly and severally in the former owners; and
(d) the liabilities for any statutory charges over the scheme land are vested jointly and severally in the former owners; and
(e) the liabilities for any taxes accrued by a former owner in relation to a unit continue to be vested in the former owner.
Note for subsection (1)
The ownership of the lot comprising the scheme land is vested in the former owners as tenants in common when the termination takes effect. See section 54E of the Land Title Act.
(2) A former owner:
(a) is not liable to pay any stamp duty that would otherwise be payable because of the operation of subsection (1); and
(b) is entitled to contributions from other former owners for the liabilities mentioned in subsection (1)(c) or (d) in accordance with the interest entitlements.
(3) In addition, the Supreme Court may make an order for the control or disposal of a body corporate asset on application by a person who has an interest in the asset.
(4) Subsections (1) to (3) have effect subject to:
(a) the management module; and
(b) an order mentioned in section 14 , or a resolution mentioned in section 15 , in relation to the termination.
(5) The regulations may provide for a matter arising from this section.