(1) The registered proprietor of a parcel of land of any of the following kinds may subdivide that land to create a unit title development:
(a) an estate in fee simple in a parcel of land under the Land Transfer Act 1952:
(b) an estate as lessee under a memorandum of lease registered under that Act in respect of a parcel of land:
(c) an estate as lessee or licensee under a lease or licence from the Crown registered under that Act in respect of a parcel of land.
(2) A parcel of land referred to in subsection (1) may be subdivided into—
(a) 2 or more principal units; and
(b) the number of accessory units (if any) as the registered proprietor may wish; and
(c) so much of the land as is not comprised in any unit (in this Act referred to as common property).
(3) Nothing in this section permits the subdivision in accordance with this Act of a parcel of land that is subleasehold land.
Compare: 1972 No 15 s 3(1)