Security for proposal
26S Security for proposal
(1) In approving an estate 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
to complete the development.
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 lot in the development; or
(b) a person who has entered into a contract with the developer for the purchase of a proposed lot in the development.
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