(1) The deposit of the first stage unit plan under section 24(2)(a) has the effect of creating in each future development unit a stratum estate in freehold or a stratum estate in leasehold or licence (as the case may be).
(2) Those estates are made up of—
(a) the fee simple estate or the estate as lessee or licensee (as the case may be) in the unit, which determines,—
(i) on the deposit of a unit plan that specifies as other than a future development unit, that part of the base land or principal unit (as the case may be) that formerly made up the future development unit; or
(ii) on the cancellation of a stage unit plan, in accordance with subpart 2 of Part 4, on which the unit is shown as a future development unit:
(b) the undivided share in the fee simple estate or the estate as lessee or licensee (as the case may be) in all the units to which the owner of the unit is contingently entitled by virtue of subpart 2 of Part 4.
Compare: 1979 No 37 s 8(1)