Strata Schemes Development Act 2015

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.

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

is a member of, or employed by—

the proposed purchaser for a collective sale, or

the proposed developer for a redevelopment, or

a related entity of the proposed purchaser or developer, or

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

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

owns, or is a member of, or employed by, an entity that owns, land that—

is not part of the parcel, and

may be impacted by the proposed collective sale or redevelopment.

An owner of a lot does not have a direct or indirect pecuniary interest merely because the owner will—

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

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

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.