“computer register means—

• “(a) a computer register within the meaning of section 4 of the Land Transfer (Computer Registers and Electronic Lodgement) Amendment Act 2002; or

• “(b) a certificate of title issued under the Land Transfer Act 1952 or the Unit Titles Act 1972”.

• “(c) a lawyer, an incorporated law firm, a conveyancing practitioner, or an incorporated conveyancing firm (within the meaning of section 6 of the Lawyers and Conveyancers Act 2006)”.

“proportionate ownership scheme means—

• “(a) a unit title pooled scheme; or

• “(b) an undivided unit title scheme; or

• “(c) an undivided property scheme

“real property means,—

• “(a) in relation to a unit title pooled scheme or an undivided unit title scheme, the units on the unit plan that form part of the scheme; or

• “(b) in relation to an undivided property scheme, the estate or interest in land capable of registration under the Land Transfer Act 1952 that is to be purchased for the purposes of the scheme”.

“key event means,—

• “(a) in relation to a subscriber for specified participatory securities in a unit title pooled scheme, the taking of all of the necessary steps referred to in clause 5(2)(a)(i) in relation to the subscriber's subscription contract; or

• “(b) in relation to a subscriber for specified participatory securities in an undivided unit title scheme,—

  • “(i) the subscription in full of all of the specified participatory securities offered in accordance with the scheme in relation to the relevant unit on the unit plan; and

  • “(ii) the taking of all of the necessary steps referred to in clause 5(2)(a)(ii) in relation to the subscriber's subscription contract; and

  • “(iii) the taking of all of the necessary steps referred to in clause 5(2)(a)(ii) in relation to the subscription contracts of all other subscribers with an interest in the relevant unit on the unit plan; or

• “(c) in relation to a subscriber for specified participatory securities in an undivided property scheme,—

  • “(i) the subscription in full of all of the specified participatory securities offered in accordance with the scheme; and

  • “(ii) the taking of all of the necessary steps referred to in clause 5(2)(a)(iii)

“settlement period means,—

• “(a) in relation to a subscriber for specified participatory securities in a unit title pooled scheme or an undivided unit title scheme, the period of 36 months from the date that the subscription is received by, or on behalf of, the offeror; or

• “(b) in relation to a subscriber for specified participatory securities in an undivided property scheme, the period of 36 months from the date referred to in clause 1 of Schedule 1 specified in the written statement that is provided to the subscriber under clause 5(2)(e)

“specified units has the meaning set out in clause 4(a) of Schedule 2

“stratum estate means a stratum estate in freehold or leasehold

“subscription contract means a contract entered into between each subscriber for specified participatory securities and the offeror for the subscription and allotment of specified participatory securities

“undivided property scheme means a contributory scheme that involves the investment of money in circumstances where—

• “(a) each subscriber for specified participatory securities will acquire an interest in the same real property (whether freehold or leasehold); and

• “(b) each interest acquired under the scheme by a subscriber for specified participatory securities will comprise 1 or more undivided shares in the whole of the real property

“undivided unit title scheme means a contributory scheme that involves the investment of money in circumstances where—

• “(a) each subscriber for specified participatory securities will acquire an interest in a stratum estate in a unit on a unit plan through the issue or creation of a computer register in the subscriber's name for the subscriber's interest in the stratum estate; and

• “(b) each interest acquired under the scheme by a subscriber for specified participatory securities will comprise 1 or more undivided shares in the stratum estate

“unit has the same meaning as in section 2 of the Unit Titles Act 1972

“unit plan means the plan in relation to the proportionate ownership scheme that has been, or is intended to be, deposited under section 4 of the Unit Titles Act 1972

“unit title pooled scheme—

• “(a) means a contributory scheme that involves the investment of money in circumstances where each subscriber for specified participatory securities will acquire a stratum estate in a unit on a unit plan through the issue or creation of a computer register in the subscriber's name for the relevant stratum estate; but

• “(b) does not include an undivided unit title scheme”.

• “(a) that it is a term of each subscription contract that,—

  • “(i) in the once of a unit title pooled scheme, the offeror will take all necessary steps to enable the subscriber for specified participatory securities to be registered as the proprietor of a stratum estate for a unit on the unit plan (on or immediately after the settlement by the subscriber of the purchase of the unit):

  • “(ii) in the case of an undivided unit title scheme, the offeror will take all necessary steps to enable the subscriber for specified participatory securities to be registered as the holder of an interest in a stratum estate for a unit on the unit plan (on or immediately after the settlement by the subscriber of the purchase of the subscriber's interest in the unit):

  • “(iii) in the case of an undivided property scheme, the offeror will take all necessary steps to enable—

    • “(A) the subscriber for specified participatory securities to be registered as the holder of the subscriber's interest in the real property (on or immediately after the acquisition of the real property in accordance with the scheme); or

    • “(B) a trustee corporation or a nominee, acting on behalf of all the subscribers for specified participatory securities, to be registered as the proprietor of the real property (on or immediately after the acquisition of the real property in accordance with the scheme); and”.

• “(c) that all subscriptions for specified participatory securities and any interest on those subscriptions are held on trust and must, immediately after each of them is received, be paid into a trust account; and

• “(ca) that no subscription is paid out of the trust account referred to in paragraph (c) unless it is paid—

  • “(i) to the offeror when or after—

    • “(A) the key event has occurred in relation to the relevant subscriber; and

    • “(B) all conditions relating to the receipt of subscriptions by the offeror contained in the relevant subscription contract have been satisfied; or

  • “(ii) to—

    • “(A) the offeror in satisfaction of the offeror's right to forfeit and retain the part of a subscription that forms a deposit in accordance with the relevant subscription contract; and

    • “(B) the relevant subscriber, to the extent that any of the relevant subscription remains after the deposit referred to in subsubparagraph (A) has been retained; or

  • “(iii) to the relevant subscriber in accordance with paragraph (i); or

  • “(iv) to the relevant subscriber in accordance with paragraph (j); or

  • “(v) to the relevant subscriber in accordance with any other right to have the relevant subscription repaid; and”.

• “(fa) that no advertisement in respect of the proportionate ownership scheme may contain prospective financial information about the scheme unless that prospective financial information is set out in the offeror's written statement; and

• “(fb) that every advertisement in respect of the proportionate ownership scheme refers to the offeror's written statement; and”.

• “(g) that every subscriber for specified participatory securities is provided with audited annual financial statements in respect of the performance, financial position, and cash flows of the proportionate ownership scheme (being financial statements that comply with the Financial Reporting Act 1993) no later than 3 months after each balance date of the proportionate ownership scheme; and

• “(h) that, in the case of an undivided unit title scheme, every subscriber for specified participatory securities is provided with audited annual financial statements in respect of the performance, financial position, and cash flows of the unit on the unit plan in which the subscriber has an interest no later than 3 months after each balance date of the proportionate ownership scheme (being financial statements that comply with the Financial Reporting Act 1993 and are prepared on the basis that the unit is a separate fund of the scheme in terms of section 9A of that Act); and

• “(i) that, if the key event has not occurred in relation to a subscriber for specified participatory securities within the settlement period, no specified participatory securities may be allotted to the relevant subscriber in relation to the subscription paid by the relevant subscriber and that subscription must promptly be returned to the relevant subscriber, unless, before the end of the settlement period,—

  • “(i) the offeror has given the relevant subscriber written notice that the key event will not occur before the end of the settlement period and that the subscriber is entitled to have that subscription returned at the end of the settlement period; and

  • “(ii) the subscriber and the offeror have both signed a written agreement that clearly states that the settlement period is to be extended and specifies the period of time by which the settlement period is to be extended; and

• “(j) that, if a subscriber signs a written agreement in accordance with paragraph (i)(ii) and the key event has not occurred within the extended period of time specified in that agreement, no specified participatory securities may be allotted to that subscriber in relation to his or her or its subscription and that subscription must promptly be returned to that subscriber.”