New Zealand Legislation: Regulations

8 Certain conditions cease to apply if rules amended

• (1) After the completion of the development and the communal facilities are owned, leased, licensed, maintained, administered, or operated as described under clause 6(b)(ii), a condition in clause 6(p) or 6(q) ceases to apply if—

  • (a) an amendment to the rules is approved by a special resolution passed by the members of the Society (excluding the developer); and

  • (b) the amendment results in the rules no longer complying with the condition; and

  • (c) subscribers for specified securities have, before subscription, received from the developer a statement that describes the procedure for amending the rules.

  (2) In this clause, special resolution means a resolution approved by a majority of 75% or, if a higher majority is required by the rules, that higher majority, of the votes of those members entitled to vote and voting on the question.