New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) After the deposit of a unit plan to which this Part of this Act applies, and until the cancellation thereof, the following provisions shall apply:
(a) No proprietor of a unit shall surrender or agree to surrender the stratum estate in leasehold in that unit to the lessor, whether for valuable consideration or otherwise:
(b) The lessor shall not release or agree to release any unit or the common property or any part of the common property from the lease, whether for valuable consideration or otherwise:
(c) Where the proprietor of a unit purchases or acquires (whether by operation of law or otherwise) the lessor's reversionary estate in the land, that estate shall not merge with the stratum estate in leasehold in that unit:
(d) Where the lessor purchases or acquires the stratum estate in leasehold in any unit (whether by operation of law or otherwise) that estate shall not merge with the lessor's reversionary estate.
(2) Any purported surrender or release in contravention of paragraph (a) or paragraph (b) of subsection (1) of this section shall be void and of no effect.
(3) Nothing in this section shall operate to prohibit:
(a) All the proprietors of all the units from dealing with the estate as lessee in the common property as a whole or in any part or parts of the common property:
(b) All the proprietors of all the units from surrendering or agreeing to surrender to the lessor the stratum estates in leasehold in all the units:
(c) The lessor from releasing or agreeing to release all the units together with the whole of the common property from the lease.