Meaning of registered interest holder and registered long-term sublessee
12 Meaning of registered interest holder and registered long-term sublessee
In this Act:
registered interest holder—a person is a registered interest holder in relation to residential premises in a retirement village if—
the person—
is 1 of the following:
the registered proprietor of land in the retirement village;
the owner of a unit in a units plan in the retirement village;
the owner of a lot in a community title scheme in the retirement village; and
has a residence right in relation to residential premises in the retirement village; or
the person owns shares in a company title scheme that give rise to a residence right in relation to residential premises in the retirement village; or
the person is a registered long-term sublessee.
registered long-term sublessee, of residential premises in a retirement village, means a person whose residence contract is in the form of a registered long‑term sublease if—
the sublease includes a provision that entitles the person to at least 50% of any capital gain; or
the person is otherwise entitled under a contract, an agreement or other arrangement to at least 50% of any capital gain.
In this section:
registered long-term sublease means a sublease (however described) registered under the Land Titles Act 1925 that—
has a term of at least 50 years (including any option to renew); or
is for the life of the lessee.
This Act’s bill:Explanatory statementSecond reading speech
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