Transfer of developer's interest
26G Transfer of developer's interest
This section applies if:
(a) a units plan for a completed stage of a condominium development is registered; and
(b) the developer proposes to transfer all of the developer's interest in the development to another person (the transferee).
The developer must not do so unless:
(a) the developer applies to the Minister in the approved form for the Minister's approval of the transfer; and
the Minister approves the transfer in writing.
The Minister must not approve the transfer unless:
(a) if an application has been made under section 26J for a variation of the disclosure statement for the development to take effect after the transfer – the variation is approved by the Surveyor-General; and
(b) if security is required for the variation – the security has been given and is maintained as so required.
The developer must:
(a) before applying for the approval of the transfer, give a written notice of the proposed transfer to each corporation arising from a completed stage of the development; and
(b) give a written notice of the Minister's decision on the application to each such corporation after being notified of the decision.
In this section:
approved form means a form approved by the Minister.
the developer's interest in the development does not include the developer's interest as the proprietor of a unit in the development.
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