New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) In this notice, unless the context otherwise requires,—
Act means the Securities Act 1978
communal facilities means the following facilities that are, or at the completion of the development will be, owned, leased, licensed, maintained, administered, or operated in whole or in part by the specified entity:
(a) any land or any right over, or interest in, land within the development designated by a developer or the specified entity for use by owners or occupiers of developed properties, by invitees, or by certain classes of those persons:
(b) buildings, chattels, fixtures, fittings, plant, equipment, and other amenities within the development designated by a developer or the specified entity for use by owners or occupiers of developed properties, by invitees, or by certain classes of those persons:
(c) utilities
computer register means—
(a) a computer register within the meaning of section 4 of the Land Transfer (Computer Registers and Electronic Lodgement) Amendment Act 2002; or
(b) a certificate of title issued under the Land Transfer Act 1952 or the Unit Titles Act 1972
controlling entity means a person that—
(a) is the developer or an associated person, or agent, of the developer; and
(b) has the power, directly or indirectly, to—
(i) exercise, or control the exercise of, the rights to vote attached to 50% or more of the voting securities of the specified entity; or
(ii) effectively control the activities of the specified entity in respect of the developed properties or the communal facilities (or both)
developed property means a property within the development for which a computer register has been or will be issued or created, as part of the process of development,—
(a) for an estate in fee simple or a leasehold estate under the Land Transfer Act 1952; or
(b) for a stratum estate under the Unit Titles Act 1972
developer means each person promoting, managing, or carrying out a development
development means a real property development undertaken within 1 or more areas of land
incorporation member, in relation to a specified entity that is a society, means a person who—
(a) was a member of the society on its incorporation; but
(b) is not an owner of a developed property
lease, in relation to the lease of land by a specified entity of communal facilities within a development, means lease pursuant to a memorandum of lease registered under the Land Transfer Act 1952
offer means the offer of specified securities to the public
owner of a developed property means a registered proprietor of a fee simple, leasehold, or stratum estate in a developed property
Regulations means the Securities Regulations 1983
rules means,—
(a) in the case of a specified entity that is a society, the rules of the society; and
(b) in the case of a specified entity that is a company, the constitution of the company
sale agreement means an agreement for the sale of a fee simple, leasehold, or stratum estate in a developed property adopted or entered into by a developer as vendor
settlement includes, in relation to a sale of a leasehold estate in a developed property, taking possession under the lease
specified entity means a society incorporated under the Incorporated Societies Act 1908 or a company incorporated under the Companies Act 1993 that—
(a) owns, leases, licenses, maintains, administers, or operates the communal facilities in whole or in part; or
(b) will own, lease, license, maintain, administer, or operate the communal facilities in whole or in part
specified security means,—
(a) in the case of a specified entity that is a society, a participatory security in the form of membership of the society; and
(b) in the case of a specified entity that is a company, a share in the company
utilities means the following utilities and services:
(a) access over any roading within the development (including public or private access roads connecting to any highway, road, or access way):
(b) gas and drainage reticulation connecting 1 or more developed properties to any gas supply, sewage treatment plant, or disposal system:
(c) waste water and storm water disposal systems:
(d) service lines connecting 1 or more developed properties to appropriate supply networks:
(e) domestic and irrigation water supply reticulation connecting 1 or more developed properties to any water supply system (including storage tanks and treatment facilities):
(f) any other utilities or services ancillary to the use of developed properties or the development by owners or occupiers of developed properties, by invitees, or by certain classes of those persons.
(2) In this notice, unless the context otherwise requires, a reference to the completion of the development is a reference to the time when—
(a) all of the physical works in connection with the development have been completed; and
(b) all relevant computer registers for developed properties have been issued or created; and
(c) all required code compliance certificates for the development have been issued under the Building Act 2004.
(3) Any term or expression that is defined in the Act or the Regulations and used, but not defined, in this notice has the same meaning as in the Act or the Regulations.
