Security for proposal
26D Security for proposal
(1) In approving a condominium development proposal, the Surveyor-General must:
consider whether security is required for the proposal; and
(b) if the Surveyor-General considers security is required for the proposal – seek the Minister's approval for the requirement.
(2) The purpose of the security is to provide for any damages that may be payable to a claimant if there is a failure of the developer:
to comply with this Act; or
(b) to complete the development or a stage of it in accordance with the disclosure statement.
The Minister may:
give the approval; and
specify in the approval the following requirements:
the form and amount of the security;
how and by whom the security must be given and maintained.
(4) If the Minister gives the approval, the Surveyor-General must, when approving the proposal:
(a) specify the requirements mentioned in subsection (3)(b) as conditions for the approval of the proposal; and
(b) specify that the approval of the proposal is subject to the compliance of the conditions.
In this section:
claimant means:
a proprietor of a unit in the development; or
(b) a person who has entered into a contract with the developer for the purchase of a proposed unit in the development.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.