On 22/05/2013,
you requested for the version in force on 22/05/2013
incorporating all amendments published on or before 22/05/2013.
The closest version currently available is that of 31/07/2009.
Application for collective sale of parcel not registered under this Act by majority of proprietors where proprietors of flats own land
84D.
—(1) This section shall apply where there are subsisting leases of flats in a development registered under the Registration of Deeds Act (Cap. 269) or the Land Titles Act (Cap. 157) and the proprietors of the flats own the land comprised in the development.
[21/99]
(2) An application to a Board for an order for the sale of all the flats and the land in a development to which this section applies may be made by —
(a)
the proprietors of the flats who own not less than 90% share of the land and not less than 90% of the total area of all the flats where less than 10 years have passed since the date of the issue of the latest Temporary Occupation Permit on completion of any building (not being any common property) comprised in the development or, if no Temporary Occupation Permit was issued, the date of the issue of the latest Certificate of Statutory Completion for any building (not being any common property) comprised in the development, whichever is the later; or
(b)
the proprietors of the flats who own not less than 80% share of the land and not less than 80% of the total area of all the flats where 10 years or more have passed since the date of the issue of the latest Temporary Occupation Permit on completion of any building (not being any common property) comprised in the development or, if no Temporary Occupation Permit was issued, the date of the issue of the latest Certificate of Statutory Completion for any building (not being any common property) comprised in the development, whichever is the later,
who have agreed in writing to sell all the flats and the land in the development to a purchaser under a sale and purchase agreement which specifies the proposed method of distributing the sale proceeds to all the proprietors of the flats (whether in cash or kind or both), subject to an order being made under subsection (4) or (5).
[21/99; 46/2007]
(3) A proprietor of any flat in the development who has not agreed in writing to the sale referred to in subsection (2) and any mortgagee, chargee or other person (other than a lessee) with an estate or interest in the flat and whose interest is notified on the land-register for that flat may each file an objection with a Board stating the grounds for the objection within 21 days of the date of the notice served pursuant to the First Schedule or such further period as the Board may allow.
[21/99; 47/2004; 46/2007]
(4) Where an application has been made under subsection (2) and no objection has been filed under subsection (3), the Board shall, subject to subsection (7), approve the application and order that the flats and the land in the development be sold.
[21/99]
(5) Where one or more objections have been filed under subsection (3), the Board shall, subject to subsection (7), after mediation, if any, approve the application made under subsection (2) and order that the flats and the land in the development be sold unless, having regard to the objections, the Board is satisfied that —
(a)
any objector, being a proprietor, will incur a financial loss; or
(b)
the proceeds of sale for any flat to be received by any objector, being a proprietor, mortgagee or chargee, are insufficient to redeem any mortgage or charge in respect of the flat.
[21/99]
(5A) An order made under subsection (5) by the Board may, with the consent of the collective sale committee, include an order that the proceeds of sale for any flat to be received by an objector, being a proprietor who has filed an objection under subsection (3), be increased if the Board is satisfied that it would be just and equitable to do so.
[46/2007]
(5B) The total sum ordered by the Board for all the objectors under subsection (5A) shall be paid from the proceeds of sale of all the proprietors and shall not exceed the aggregate sum of 0.25% of the proceeds of sale for each flat or $2,000 for each flat, whichever is the higher.
[46/2007]
(6) For the purposes of subsection (5)(a), a proprietor —
(a)
shall be taken to have incurred a financial loss if the proceeds of sale for his flat, after any deduction allowed by the Board, are less than the price he paid for his flat;
(b)
shall not be taken to have incurred a financial loss by reason only that his net gain from the sale of his flat will be less than the other proprietors.
[21/99]
(7) The Board shall not approve an application made under subsection (2) —
(a)
if the Board is satisfied that —
(i)
the transaction is not in good faith after taking into account only the following factors:
(A)
the sale price for the flats and the land in the development;
(B)
the method of distributing the proceeds of sale; and
(C)
the relationship of the purchaser to any of the proprietors; or
(ii)
the sale and purchase agreement would require any proprietor who has not agreed in writing to the sale to be a party to any arrangement for the development of the flats and the land in the development; or
(b)
if the collective sale committee does not consent to any order made by the Board under subsection (5A).
[46/2007]
(8) Where no objection has been filed under subsection (3), the determination under subsection (7) shall be made by the Board on the basis of the facts available to the Board.
[21/99]
(9) Sections 84A(1A), (2), (3), (5), (7C), (11), (12) and (13), 84B and 84C and the Second and Third Schedules shall apply, with the necessary modifications, to any application or order made under this section.
[21/99; 46/2007]
(9A) In the application of section 84A(1A) and the Second and Third Schedules to any development to which this section applies, any reference to a management corporation shall be read as a reference to the proprietors of the flats.
[46/2007]
(10) In this section —
“development” means any parcel of land with one or more buildings where the parcel is owned by the proprietors of the flats;
“proprietor” includes a successor in title.
[21/99]