Acacia Ridge Shopping-centre Freeholding Act 1987 (Qld)

941 ANNO TRICESIMO SE TO E L IZA 3 E T H AE S ECU -i AE E I AE An Act to provide for the dh -osal of land used a s or in connexion with a shopping centre at Acacia R id g e and for related purposes [ASSENTED TO 1ST DECEMBER, 1987]

942 Acacia Ridge Shopping- centre Freeholding Act 1987, No. 66 BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled , and by the authority of the same, as follows:- 1. Short Title. This Act may be cited as the Acacia Ridge Shopping- centre Freeholding Act 1987. 2. Interpretation . In this Act, except where a contrary intention appears- "Commission" means The Queensland Housing Commission, the corporation sole constituted by The State Housing Act of 1945; oup titles plan" means the group titles plan prepared and registered pursuant to section 5; "Scheduled Plan" means the sketch plan contained in the schedule to this Act; "shopping-centre land" means all the land used as or in connexion with the shopping-centre situated at Acacia Ridge and identified in the Scheduled Plan. 3. Termination of road dedication . Upon a date to be appointed by Proclamation the dedication to public use as road of that part of the shopping-centre land represented by the area hatched in the Scheduled Plan shall terminate and the road shall be deemed to have been thereby closed permanently. 4. Disposal of shopping - centre land being Crown land. Those parts of the shopping-centre land being- (a) the land referred to in section 3; and (b) the land represented by the area dappled in the Scheduled Plan, shall be disposed of under the Land Act 1962-1987 as Crown land for an estate in fee-simple to the Commission in priority to all other persons. Such disposal of land shall not terminate or prejudice any leasehold or other interest or any mortgage, encumbrance or charge that exists in or over any part of the land immediately before the disposal but the deed of grant evidencing the disposal shall issue free of any such interest, mortgage, encumbrance or charge. 5. Group titles plan. (1 ) The Commission shall cause to be prepared and lodged for registration in the office of the Registrar of Titles a group titles plan that subdivides the shopping-centre land into lots and common property. (2) The lots shown on the group titles plan shall correspond to the lots represented in the area dappled in the Scheduled Plan and identified by numbers.

Acacia Ridge Shopping- centre Freeholding Act 1987, No. 66 943 (3) Each of the lots shown on the group titles plan shall be conterminous, as nearly as may be, with the lot represented in the Scheduled Plan to which it corresponds: Provided that where two or more of the lots represented in the Scheduled Plan are contiguous or are contiguous to a common lot all of which lots are held from the Crown by the same lessee or lessees, all of those lots or any two or more of them may, with the consent of the lessee or lessees first had and obtained, be shown as one lot on the group titles plan. (4) For the purpose of establishing the lot entitlement of each lot shown on the group titles plan in accordance with section 19 (2) of the Building Units and Group Titles Act 1980-1986 the unimproved value of each such lot shall be the valuation of the land comprising that lot made by the Valuer-General and having force and effect as at 30 June 1987 and the unimproved value of each such lot to be certified to as required by section 19 (3) of that Act shall be that valuation and not as prescribed by that section 19 (3). 6. Freeholding of leasehold i nterests . (1) On a date to be appointed by Proclamation- (a) the leasehold interest held by any person from the Crown in land represented as a lot in the area dappled in the Scheduled Plan and identified by a number shall terminate; (b) the estate in fee-simple in land comprising a lot shown on the group titles plan shall divest from the Commission and vest in the person or persons, being the lessee immediately before the date so proclaimed of the land represented as the lot (referred to in paragraph (a)) that corresponds to the lot shown on the group titles plan; and (c) the common property shown on the group titles plan shall divest from the Commission and vest in the persons who, pursuant to paragraph (b), become the proprietors of the lots shown on the group titles plan and shall so vest in accordance with the Building Units andGroup Titles Act1980-1986. (2) The termination of a leasehold interest in land prescribed by paragraph (a) shall not terminate or otherwise prejudice- (a) any under-lease or other tenancy dependent upon the leasehold interest; or (b) any mortgage, encumbrance, charge or interest held in respect of the leasehold interest. Every such under-lease or tenancy shall be taken to be dependent upon the freehold estate held in the land and every such mortgage, encumbrance, charge or interest shall be taken to be held in respect of the freehold estate in the land.

944 Acacia Ridge Shopping-centre Freeholding Act 1987, No. 66 (3) An estate in land that pursuant to paragraph (b) of subsection (1) vests in two or more persons shall vest in them jointly or in shares, according to the manner in which the terminated leasehold interest in the land was held by them. 7. Recording conversion of title. (1) The Registrar of Dealings and any other person charged with keeping a register of a leasehold interest that is terminated pursuant to paragraph ( a) of section 6 (1) shall, upon the request of the Commission , make in the register all appropriate entries to record the termination of that interest. (2) The Registrar of Titles shall , upon the request of the Commission, make in the register kept by him all appropriate recordings or entries to record- (a) the divesting and vesting of an estate in fee-simple provided for by paragraph ( b) of section 6 (1); and (b) all mortgages, encumbrances, charges and interests held and registered in respect of a leasehold interest that is terminated pursuant to paragraph (a) of section 6 (1) and that is replaced by an estate in fee-simple pursuant to paragraph (b) ^ of section 6 (1) in the same order of priority as they' appear on the register of the leasehold interest, and shall deliver the relevant certificate of title to the person who is holding the instrument of lease that relates to the land to which the certificate of title relates, in exchange for the instrument of lease. 8. Purchase price of estate in fee -simple. (1) The person or persons in whom an estate in fee-simple in a lot vests pursuant to paragraph (a) of section 6 (1) shall pay to the Commission as the purchase price of that lot a sum equal to the valuation of the land comprising that lot made by the Valuer-General and having force and effect as at 30 June 1987. Payment of that sum shall be- (a) by one payment made within one month after the date appointed for the purposes of section 6; or (b) by annual instalments extending over a period not exceeding 10 years commencing on the date appointed for the purposes of section 6, at the election of the purchaser. (2) Where a purchase price is to be paid by instalments- (a) each annual instalment shall be of such amount as is, for the time being , determined by the Commission; (b) payments on account of an annual instalment shall become due and payable at such time or times as is or are agreed between the Commission and the purchaser or, if not so

Acacia Ridge Shopping-centre Freeholding Act 1987, No. 66 945 agreed within one month after the date appointed for the purposes of section 6, as the Commission determines; (c) the purchaser may at any time pay the whole of the outstanding amount of the purchase price, upon paying any interest that may be payable in accordance with section 9 in respect of an annual instalment or part thereof that is in arrears. (3) The Commission shall so determine the amount of each successive annual instalment of purchase price that the amount is increased over the amount of annual instalment of that purchase price last determined by the Commission by the percentage increase in the All Groups Consumer Price Index for Brisbane being the aggregate of the percentage increases in such Index published by the Australian Bureau of Statistics over the period of 12 months preceding the date on which the Commission is to determine the next annual instalment of that purchase price. 9. Interest on purchase price ordinarily not payable. (1) Interest shall not be chargeable in respect of a purchase price that is payable by annual instalments except in respect of an annual instalment or any part of an annual instalment that is due and payable in accordance with section 8 and is unpaid. (2) Where interest is chargeable in respect of an annual instalment, or part thereof, that is due and payable and is unpaid, the Commission may demand and recover interest on the amount unpaid at a rate of 10 per centum per annum for the time that the amount is unpaid. 10. Instalments of purchase price deemed rent . Every purchaser who is paying the purchase price for the land comprising his lot by annual instalments shall be deemed to have attorned tenant to the Commission and all amounts payable by him on account of the purchase price shall be Crown rental. 11. Commission ' s security for purchase price; remedy upon default. (1) To secure to the Commission the payment of purchase price and any other moneys in connexion therewith payable to it pursuant to this Act the Commission has a charge over the land comprising the lot for which the purchase price is payable. The charge had by the Commission under this subsection, whether or not it is registered on the certificate of title relating to the land, ranks in priority ahead of all mortgages , encumbrances and other charges, whether or not so registered , that may exist over the land. (2) Upon default in payment to the Commission of moneys due and payable to the Commission in accordance with section 8 , it shall be lawful for the Commission at any time thereafter without the need to give prior notice to the purchaser who has made default in the puchase from the Commission , to sell the land in the purchase of which default has been made, together with the fixed improvements thereon,

946 Acacia Ridge Shopping- centre Freeholding Act 1987, No. 66 and to transfer to the person or persons to whom the same are sold a good title for an estate in fee-simple in the land and improvements. Upon a sale by the Commission pursuant to the power conferred by this subsection, the person or persons who made default in the purchase of the land from the Commission, if he or they are still in possession of the land and improvements concerned, shall be taken to be in such possession without claim of right. (3) Land and improvements may be sold pursuant to the power conferred by subsection (2)- (a) by public auction with or without a reserve, as the Commission thinks fit; or (b) by private treaty, but shall not be submitted for sale by private treaty unless first offered for sale at a public auction and not sold. (4) Proceeds of the sale of land and improvements pursuant to the power conferred by subsection (2) shall be disposed of- (a) firstly, in satisfaction of expenses reasonably incurred in or in connexion with the sale; (b) secondly, in payment to the Commission of all moneys outstanding on account of the purchase price payable to the Commission in respect of the land or on account of any interest accrued in respect of the purchase price or of any part thereof; (c) thirdly, in discharge, in accordance with the priority in which they rank of all mortgages, encumbrances and charges known by the Commission to exist over the land or improvements that secure the payment of money; (d) fourthly, in payment of any rates, taxes and other liabilities known by the Commission to be payable in respect of the land and to be unpaid; and (e) lastly, in payment to the purchaser who made default in the purchase of the land from the Commission. 12. Registration of charge . The Registrar of Titles shall, upon the request of the Commission, make in the register kept by him all appropriate recordings or entries to record the charge conferred on the Commission by section 11 and, shall, upon a like request, make in the register all appropriate recordings or entries to record the release of such a charge. 13. Commission ' s requests not to attract duty etc. Any instrument of request by the Commission to secure recording of any particulars for the purposes of this Act shall be exempt from the payment of stamp duty under the Stamp Act 1894-1987 and no fees shall be payable in respect thereof.

Acacia Ridge Shopping - centre Freeholding Act 1987, No. 66 947 14. Recovery of moneys as debt. All moneys due and payable to the Commission in accordance with this Act and unpaid may be recovered by the Commission by way of action for debt in any court of competent jurisdiction. 15. Prescribed re m edies additional and cumulative . The remedies provided for by this Act for the recovery of moneys due and payable to the Commission are without prejudice to any other right of recovery had by the Commission and those remedies are themselves cumulative in every case.

948 Acacia Ridge Shopping-centre Freeholding Act 1987, No. 66 SCHEDULE [ss. 3, 4, 5, 6] ELIZABETH ST ACACIA RIDGE SHOPPING CENTRE NOT TO SCALE