New Zealand Legislation: Acts

29 Expiry of lease

• (1) The term of the lease or any renewed or extended term shall be deemed not to have expired until the unit plan has been cancelled or a certificate of expiry has been registered in accordance with the provisions of subsection (3).

  (2) Upon the cancellation of the unit plan the term of the lease shall be deemed to expire, unless the lessor, in writing, has consented to the cancellation of the plan and agreed that the lease is to continue in force according to its tenor.

  (3) At any time after the date on which the lease or any extended or renewed term is by the relevant instrument expressed to expire, the lessor or any persons who are together entitled to exercise more than one-third of the votes on an ordinary resolution of the proprietors, on giving 14 days' prior notice in writing to the body corporate, may lodge with the Registrar a certificate of expiry in form 3 in Schedule 1, and the Registrar, on receiving the certificate, if he is satisfied that the term of the lease or any extended or renewed term has expired, and subject to the provisions of subsection (5), shall—

  • (a) cancel the unit plan;

  • (b) cancel the certificate of title to each of the units; and

  • (c) enter a memorial of the expiry of the term upon the lease and upon the outstanding duplicate thereof and upon the lessor's certificate of title; and for this purpose the outstanding copy of the lease and of the lessor's certificate of title shall be delivered to the Registrar when the certificate of expiry is lodged with him.

  (4) Where the body corporate has applied to the Court for any relief under section 264 of the Property Law Act 2007, it may serve a copy of the application on the Registrar.

  (5) Notwithstanding the provisions of subsection (3), where a copy of an application has been served on the Registrar under subsection (4) he shall not register a certificate of expiry without an order from the Court:

  provided that he may register such a certificate if the proprietors who are together entitled to exercise more than one-third of the votes on an ordinary resolution request him in writing to do so.

  Section 29(4): amended, on 1 January 2008, by section 364(1) of the Property Law Act 2007 (2007 No 91).