Securities Act (Residential Property Developments) Exemption Notice 1999

2 Interpretation

• (1) In this notice, unless the context otherwise requires,—

  Act means the Securities Act 1978

  Communal facilities—

  • (a) Means the land within a development designated by a developer or the society for use by the owners or certain classes of owners of residential properties; and

  • (b) Includes chattels, fixtures, and fittings used, or intended, adopted, or designed for use, in connection with the use of the land by those owners:

  Developer means each person promoting, managing, or carrying out a development

  Development means the subdivision of land into residential properties

  Lease, in relation to the lease by a society of communal facilities in a development, means lease pursuant to a memorandum of lease registered under the Land Transfer Act 1952

  Regulations means the Securities Regulations 1983

  Residential property means a residential property for which a certificate of title has been or will be issued—

  • (a) For an estate in fee simple under the Land Transfer Act 1952; or

  • (b) For a stratum estate under the Unit Titles Act 1972:

  Rules means the rules of a society

  Sale agreement means an agreement for the sale of a residential property adopted by a developer as vendor

  Society means a society incorporated under the Incorporated Societies Act 1908 that—

  • (a) Owns, or will own, the communal facilities in a development; or

  • (b) Leases, or will lease, the communal facilities in a development:

  Specified security means a participatory security in the form of membership of a society that confers rights to participate in ownership and use of all or part of the communal facilities in a development.

  (2) Any term or expression that is not defined in this notice, but that is defined in the Act or the Regulations, has the meaning given to it by the Act or the Regulations.