—(1) This section shall apply where a management corporation has, in accordance with section 84 of the Building Maintenance and Strata Management Act (Cap. 30C), resolved to terminate the strata subdivision of the building.
(2) A management corporation shall —
within 14 days after the passing of a resolution referred to in subsection (1), give notice of the resolution in one or more newspapers circulating in Singapore; and
within 30 days after the passing of the resolution, lodge an application with the Registrar to terminate the strata subdivision.
(3) If a management corporation fails to comply with subsection (2), the management corporation and every officer of the management corporation who is in default shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.
(4) Upon registration of an application under subsection (2)(b) to terminate the strata subdivision, the Registrar shall cancel the relevant folios of the subsidiary strata land-register and enter a notification of the cancellation of the strata subdivision of the building and a memorial of the vesting of the parcel in the subsidiary proprietors as tenants-in-common in the relevant folio of the land-register comprising the parcel.
(5) Upon the entry of that memorial —
each subsidiary proprietor shall cease to be a subsidiary proprietor of the lot, and shall be entitled to the parcel as a tenant-in-common with the other subsidiary proprietors in the shares proportional to his share value and for the same term and tenure held by him in respect of his lot;
any subsisting encumbrance registered against a lot shall be an encumbrance on the share of the subsidiary proprietor concerned in the registered land comprising the parcel, and a memorial or notification of the encumbrance entered in the volume and folio of the land-register comprising that registered land shall bear the same date as the date of registration of that encumbrance against his lot; and
all statutory easements implied under this Act shall cease to affect the registered land comprising the parcel or any part thereof.
(6) The former subsidiary proprietors may by 90% resolution direct the management corporation to transfer the parcel or any part thereof.
(7) The management corporation, if it is satisfied that the resolution was duly passed and that all persons having registered interests in the parcel have consented in writing to the release of their respective interests in the registered land comprising the parcel or any part thereof, intended to be transferred, shall execute the appropriate transfer.
(7A) The transfer under subsection (7) shall be valid and effective without execution by any person having a registered interest in the parcel, and the receipt of the management corporation for any moneys payable to the management corporation under the transfer shall be a sufficient discharge, and shall exonerate the person taking under the transfer from seeing to the application, or being answerable for any loss or misapplication, of the moneys expressed to have been so received.
(8) A transfer under subsection (7) shall not be accepted for registration unless accompanied by a certificate in the prescribed form under the seal of the management corporation that the resolution was duly passed and that all necessary consents were given, in favour of a purchaser of the parcel and in favour of the Registrar, and such a certificate shall be conclusive evidence of the facts stated therein.
(9) When registered land or any part thereof is transferred by a former subsidiary proprietor or the management corporation after an application under subsection (2)(b) to terminate the strata subdivision has been lodged with the Registrar —
the former subsidiary proprietor, if he is the transferor, shall surrender to the Registrar his duplicate subsidiary strata certificate of title relating to his lot;
the management corporation, if it is transferring the land on behalf of all the former subsidiary proprietors, shall surrender to the Registrar on behalf of all the former subsidiary proprietors their duplicate subsidiary strata certificates of title; and
the Registrar, on receipt of the duplicate subsidiary strata certificate or certificates of title comprising the lot or lots, as the case may be, shall cancel the relevant folios of the subsidiary strata land-register, and registration of the transfer shall be effected by the Registrar issuing a certificate of title for the undivided share in the registered land or for the whole of the registered land transferred to the transferee, as the case may be.
(10) Notwithstanding the termination of a strata subdivision under this section, the relevant record of the subsidiary strata land-register may be used in evidence as a record of matters relating to the subdivision before its termination so long as the management corporation continues in existence.
(11) Where a transfer of the parcel made under subsection (7) has been lodged with and registered by the Registrar, the management corporation shall continue in existence for the purpose of winding up its affairs.
(12) Until a liquidator has been appointed by the management corporation for the purpose of carrying out the winding up of the management corporation, the council of the management corporation shall continue to perform the management corporation’s business for the purpose of winding up its affairs.
(13) On a management corporation being wound up —
every former subsidiary proprietor shall be liable to contribute to the assets of the management corporation to an amount sufficient for the payment of its debts and liabilities and the costs, charges and expenses of the winding up; and
the assets of the management corporation, if any, shall be distributed among the former subsidiary proprietors,
in the same proportion as the proportion of contributions which such former subsidiary proprietors would have been liable for in accordance with section 39(2) of the Building Maintenance and Strata Management Act (Cap. 30C).
[16/87; 47/2004; 42/2005]