Land Sales and Other Legislation Amendment Act 2014 (Qld)

Queensland Land Sales and Other Legislation Amendment Act 2014 Act No. 46 of 2014

Queensland Land Sales and Other Legislation Amendment Act 2014 Contents Part 1 1 2 Part 2 3 4 5 6 Part 3 7 8 9 10 11 Page Preliminary Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Amendment of Agents Financial Administration Act 2014 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Amendment of s 22 (Permitted drawings from trust accounts). . . 10 Replacement of pt 2, div 5 (Disputes about trust money) . . . . . . 11 Division 5 Payments from trust accounts if dispute arises or is likely to arise 25 Application of div 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 26 When amount in dispute may be paid . . . . . . . . . . . . 11 27 Dealing with amount in dispute if not dealt with under s 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 28 Where amount in dispute must be paid if person is entitled under s 27 or proceeding is started . . . . . . . . 13 Amendment of s 82 (Claims) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Amendment of BodyCorporateandCommunityManagementAct1997 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Insertion of new s 205AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 205AA Application of ch 5 generally . . . . . . . . . . . . . . . . . . . 14 Insertion of new ss 205C and 205D . . . . . . . . . . . . . . . . . . . . . . . 15 205C References to disclosure statement . . . . . . . . . . . . . . 15 205D References to things done by or in relation to buyer or seller . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Renumbering of ch 5, pt 2, divs 1 and 2. . . . . . . . . . . . . . . . . . . . 16 Insertion of new ch 5, pt 2, div 1. . . . . . . . . . . . . . . . . . . . . . . . . . 16

Land Sales and Other Legislation Amendment Act 2014 Contents Division 1 Preliminary 211A Definitions for pt 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 12 Insertion of new s 212B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 212B Application of div 3 if option granted . . . . . . . . . . . . . 17 13 Amendment of s 213 (Information to be given by seller to buyer) 18 14 Insertion of new s 213AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 213AA Disclosure plan requirements. . . . . . . . . . . . . . . . . . . 19 15 Amendment of s 214 (Variation of disclosure statement by further statement) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 16 Insertion of new ch 5, pt 2, div 4, hdg. . . . . . . . . . . . . . . . . . . . . . 24 17 Insertion of new s 217B and ch 5, pt 2, div 5, hdg and div 5, sdiv 1, hdg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 217B Terminating contract if not settled within particular period 24 Division 5 Miscellaneous provisions Subdivision 1 Termination 18 Replacement of s 218 (Termination under this part) . . . . . . . . . . 25 218 Termination under this part. . . . . . . . . . . . . . . . . . . . . 25 19 Insertion of new ch 5, pt 2, div 5, sdiv 2 and ch 5, pt 2, div 5, sdiv 3, hdg and ss 218E and 218F. . . . . . . . . . . . . . . . . . . . . . . . 26 Subdivision 2 Amounts held in trust accounts 218A Payment of particular amounts. . . . . . . . . . . . . . . . . . 26 218B Amounts paid under s 218A to be held in prescribed trust account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 218C Disposal of amount held in prescribed trust account . 27 218D Investment of amount held in prescribed trust account 28 Subdivision 3 Other provisions 218E Security instruments. . . . . . . . . . . . . . . . . . . . . . . . . . 29 218F Evidentiary provision . . . . . . . . . . . . . . . . . . . . . . . . . 31 20 Insertion of new s 309A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 309A Responsibility for acts or omissions of representative 31 21 Insertion of new ch 8, pt 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Part 13 Transitional provisions for Land Sales and Other Legislation Amendment Act 2014 437 Definitions for pt 13. . . . . . . . . . . . . . . . . . . . . . . . . . . 32 438 Application of s 212B . . . . . . . . . . . . . . . . . . . . . . . . . 33 439 Application of s 213 . . . . . . . . . . . . . . . . . . . . . . . . . . 33 440 Application of s 214 . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Page 2 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Contents 22 Part 4 23 24 25 Part 5 26 27 28 29 30 441 Application, and modified application, of s 217B . . . . 34 442 Application of s 218 . . . . . . . . . . . . . . . . . . . . . . . . . . 34 443 Application of ch 5, pt 2, div 5, sdiv 2 . . . . . . . . . . . . . 35 444 Continuing application of old LSA, part 3 . . . . . . . . . . 35 Amendment of sch 6 (Dictionary) . . . . . . . . . . . . . . . . . . . . . . . . . 37 Amendment of BreakwaterIslandCasinoAgreementAct1984 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 Amendment of s 3 (Variation of formal agreement) . . . . . . . . . . . 38 Amendment of sch 2 (Proposed further agreements) . . . . . . . . . 38 Amendment of Building Units and Group Titles Act 1980 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Amendment of s 7 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . 44 Replacement of pt 4, div 3, hdg (Original proprietors) . . . . . . . . . 45 Division 3 Sale of lots and proposed lots Subdivision 1 General 48C Application of div 3 generally . . . . . . . . . . . . . . . . . . . 45 48D Definition for div 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 48E References to disclosure statement . . . . . . . . . . . . . . 46 48F References to things done by or in relation to original proprietor or purchaser. . . . . . . . . . . . . . . . . . . . . . . . 46 48G Application of s 49 if option granted . . . . . . . . . . . . . . 46 Amendment of s 49 (Duties of original proprietor) . . . . . . . . . . . . 47 Replacement of s 49A (Interpretation of awareness in s 49(5)) . . 51 49A Disclosure plan requirements. . . . . . . . . . . . . . . . . . . 51 49B Avoiding contract if not settled within particular period 54 Subdivision 2 Amounts held in trust accounts and security instruments 49C Definitions for sdiv 2 . . . . . . . . . . . . . . . . . . . . . . . . . . 55 49D Payment of particular amounts. . . . . . . . . . . . . . . . . . 56 49E Amounts paid under s 49D to be held in prescribed trust account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 49F Disposal of amount held in prescribed trust account . 57 49G Investment of amount held in prescribed trust account 58 49H Security instruments. . . . . . . . . . . . . . . . . . . . . . . . . . 58 Subdivision 3 Evidence 49I Evidentiary provision . . . . . . . . . . . . . . . . . . . . . . . . . 60 2014 Act No. 46 Page 3

Land Sales and Other Legislation Amendment Act 2014 Contents 31 32 33 34 Part 6 35 36 Part 7 37 38 39 40 41 42 43 Page 4 Insertion of new s 133A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133A Responsibility for acts or omissions of representative Amendment of pt 7, hdg (Additional transitional provision) . . . . . Insertion of new pt 7, div 1, hdg . . . . . . . . . . . . . . . . . . . . . . . . . . Insertion of new pt 7, div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Division 2 Transitional provisions for Land Sales and Other Legislation Amendment Act 2014 136 Definitions for div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 Application of s 48G . . . . . . . . . . . . . . . . . . . . . . . . . . 138 Application of s 49 . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 Application, and modified application, of s 49B . . . . . 140 Application of pt 4, div 3, sdiv 2 . . . . . . . . . . . . . . . . . 141 Continuing application of old LSA, part 3 . . . . . . . . . . Amendment of FairTradingInspectorsAct2014 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 4 (Operation of Act) . . . . . . . . . . . . . . . . . . . . . . Amendment of LandSalesAct1984 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 2 (Objects of Act) . . . . . . . . . . . . . . . . . . . . . . . Replacement of s 5 (Application of Act) . . . . . . . . . . . . . . . . . . . . 3 Application of Act generally . . . . . . . . . . . . . . . . . . . . 4 Act does not apply to particular State leasehold land Renumbering of s 5A (Relationship with FairTradingInspectorsAct 2014) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 6 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . Omission of s 6A (Meaning of purchaser) . . . . . . . . . . . . . . . . . . Replacement of pt 2 (Sale of proposed allotments) . . . . . . . . . . . Part 2 Sale of proposed lots Division 1 Preliminary 7 References to things done by or in relation to buyer or seller . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Restriction on selling State leasehold land. . . . . . . . . Division 2 Disclosure requirements 9 Application of div 2 if option granted . . . . . . . . . . . . . 10 Documents to be given by seller to buyer. . . . . . . . . . 11 Requirements for disclosure plan . . . . . . . . . . . . . 12 Requirements for disclosure statement . . . . . . . . . . . 60 61 62 62 62 62 63 63 63 64 64 66 66 67 67 67 67 68 69 69 71 71 71 72 73 74 75 77 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Contents 13 Variation of disclosure plan by further statement . . . . 78 Division 3 Settlements 14 Settlement and documents to be given before settlement 80 Division 4 Amounts held in trust accounts 15 Definitions for div 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 16 Payment of particular amounts. . . . . . . . . . . . . . . . . . 82 17 Amounts paid under s 16 to be held in prescribed trust account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 18 Disposal of amount held in prescribed trust account . 83 19 Investment of amount held in prescribed trust account 84 Division 5 Other provisions 20 Termination under this part. . . . . . . . . . . . . . . . . . . . . 84 21 Security instruments. . . . . . . . . . . . . . . . . . . . . . . . . . 85 44 Omission of pt 3 (Sale of proposed lots) . . . . . . . . . . . . . . . . . . . 87 45 Renumbering of pt 4 (Miscellaneous provisions) . . . . . . . . . . . . . 87 46 Replacement of s 31 (Contracting out of Act void) . . . . . . . . . . . . 87 31 Contracting out prohibited . . . . . . . . . . . . . . . . . . . . . 87 47 Omission of ss 32 and 33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 48 Replacement of s 34 (Evidentiary provision) . . . . . . . . . . . . . . . . 88 34 Evidentiary provision . . . . . . . . . . . . . . . . . . . . . . . . . 88 49 Omission of s 35A (Approval of forms). . . . . . . . . . . . . . . . . . . . . 88 50 Replacement of s 36 (Regulations) . . . . . . . . . . . . . . . . . . . . . . . 88 36 Regulation-making power. . . . . . . . . . . . . . . . . . . . . . 88 51 Renumbering of ss 31–36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 52 Insertion of new pt 4, hdg and pt 4, div 1, hdg . . . . . . . . . . . . . . . 88 53 Amendment and renumbering of s 37 (Transitional provision for Sustainable Planning and Other Legislation Amendment Act 2012) 89 54 Insertion of new pt 4, div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 Division 2 Transitional provisions for Land Sales and Other Legislation Amendment Act 2014 28 Definitions for div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 29 Continuation of particular rights of prosecution . . . . . 90 30 Application of old s 8(2) . . . . . . . . . . . . . . . . . . . . . . . 91 31 Disclosure requirements. . . . . . . . . . . . . . . . . . . . . . . 91 32 Application of new s 14 and old s 10A to contracts . . 92 33 Application of new pt 2, div 4 . . . . . . . . . . . . . . . . . . . 93 34 Application of old ss 11 and 12 to existing contracts . 93 2014 Act No. 46 Page 5

Land Sales and Other Legislation Amendment Act 2014 Contents 55 Part 8 56 57 58 59 Part 9 60 60A 60B 61 62 63 63A 35 Application of old s 11A to existing contracts . . . . . . . 94 36 Existing declarations under old s 18. . . . . . . . . . . . . . 94 37 Undecided applications under old s 19 . . . . . . . . . . . 94 38 Application of new pt 2 if existing decision about exemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 Insertion of new sch 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 Schedule 1 Dictionary Amendment of Legal Profession Act 2007 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 Amendment of pt 3.3, div 2, hdg (Trust accounts and trust money) 96 Amendment of s 249 (Holding, disbursing and accounting for trust money) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Insertion of new pt 3.3, div 2A . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Division 2A Disputes about trust money for sales of lots and proposed lots 262A Application of div 2A. . . . . . . . . . . . . . . . . . . . . . . . . . 96 262B When amount held for sale of lot or proposed lot may be paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 Amendment of PropertyLawAct1974 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 Insertion of new ss 58A and 58B . . . . . . . . . . . . . . . . . . . . . . . . . 99 58A Definitions for div 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 58B Meaning of settlement of a sale of land in an e-conveyance 101 Insertion of new s 67A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 67A When statutory rights of termination end for land sales if e- conveyancing is used . . . . . . . . . . . . . . . . . . . . . . . . . 101 Insertion of new s 68A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 68A Forfeiture of deposit on purchaser’s default . . . . . . . . 102 Amendment of s 71 (Definitions for div 4) . . . . . . . . . . . . . . . . . . 103 Insertion of new pt 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 Part 23 Transitional provisions for Land Sales and Other Legislation Amendment Act 2014 354 Definitions for pt 23. . . . . . . . . . . . . . . . . . . . . . . . . . . 105 355 Application of s 68A . . . . . . . . . . . . . . . . . . . . . . . . . . 105 356 Existing instalment contracts . . . . . . . . . . . . . . . . . . . 105 Amendment of sch 6 (Dictionary) . . . . . . . . . . . . . . . . . . . . . . . . . 105 Page 6 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Contents Part 10 64 65 Part 11 66 67 68 69 Amendment of Property Occupations Act 2014 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 Amendment of s 157 (Disclosures to prospective buyer) . . . . . . . 106 Amendment of South Bank Corporation Act 1989 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 Amendment of s 3 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . 107 Amendment of s 47 (Subdivision of land by a leasehold building units plan) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 Insertion of new pt 9A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 Part 9A Sale of leasehold building units lots and proposed lots Division 1 Preliminary 97A Application of pt 9A . . . . . . . . . . . . . . . . . . . . . . . . . . 108 97B Definitions for pt 9A . . . . . . . . . . . . . . . . . . . . . . . . . . 109 97C References to disclosure statement . . . . . . . . . . . . . . 111 97D References to things done by or in relation to buyer or seller . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 Division 2 Statements about leasehold building units lots and proposed lots 97E Application of div 2 if option granted for proposed lot. 112 97F Information to be given by seller to buyer. . . . . . . . . . 113 97G Disclosure plan requirements. . . . . . . . . . . . . . . . . . . 114 97H Matters to be included in disclosure statement . . . . . 115 97I Variation of disclosure statement by further statement 116 Division 3 Additional ground for terminating contract 97J Terminating contract if not settled within particular period118 Division 4 Termination 97K Termination under this part. . . . . . . . . . . . . . . . . . . . . 119 Division 5 Amounts held in trust accounts for proposed lots 97L Payment of particular amounts. . . . . . . . . . . . . . . . . . 119 97M Amounts paid under s 97L to be held in prescribed trust account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 97N Disposal of amount held in prescribed trust account . 121 97O Investment of amount held in prescribed trust account 121 Division 6 Other provisions 97P Security instruments. . . . . . . . . . . . . . . . . . . . . . . . . . 122 97Q Contracting out prohibited . . . . . . . . . . . . . . . . . . . . . 124 2014 Act No. 46 Page 7

Land Sales and Other Legislation Amendment Act 2014 Contents 70 71 72 73 Part 12 74 Part 13 75 Schedule 1 97R Evidentiary provision . . . . . . . . . . . . . . . . . . . . . . . . . 124 Insertion of new s 98A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 98A Responsibility for acts or omissions of representative 125 Omission of s 103 (Application of Land Sales Act to public authorities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 Insertion of new pt 11, div 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 Division 8 Transitional provisions for Land Sales and Other Legislation Amendment Act 2014 138 Definitions for div 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 139 Application of pt 9A and modified application of s 97J 126 140 Continuing application of former provisions . . . . . . . . 127 Amendment of sch 4 (Modified Building Units and Group Titles Act) 129 Repeal of LandSalesRegulation2000 Repeal provision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 Minor and consequential amendments of Acts Acts amended in sch 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 Minor and consequential amendments . . . . . . . . . . . . . . . . . . 131 BodyCorporateandCommunityManagementAct1997. . . . . . . 131 LandTitleAct1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 Page 8 2014 Act No. 46

Queensland Land Sales and Other Legislation Amendment Act 2014 Act No. 46 of 2014 An Act to amend the Agents Financial Administration Act 2014, the BodyCorporate and Community Management Act 1997, the Breakwater IslandCasino Agreement Act 1984, the Building Units and Group Titles Act 1980, the Fair Trading Inspectors Act 2014, the Land Sales Act 1984, the LegalProfession Act 2007, the Property Law Act 1974, the Property OccupationsAct 2014 and the South Bank Corporation Act 1989 for particular purposes, to repeal the Land Sales Regulation 2000 and to make minor and consequential amendments of the Acts mentioned in schedule 1 [Assented to 26 September 2014]

Land Sales and Other Legislation Amendment Act 2014 Part 1 Preliminary [s 1] The Parliament of Queensland enacts— Part 1 Preliminary 1 Short title This Act may be cited as the Land Sales and Other Legislation Amendment Act 2014 . 2 Commencement This Act, other than parts 4 and 10 and sections 60A and 63A, commences on the commencement of the Property Occupation Act 2014 , part 7. Part 2 Amendment of Agents Financial Administration Act 2014 3 Act amended This part amends the AgentsFinancialAdministrationAct2014. 4 Amendment of s 22 (Permitted drawings from trust accounts) Section 22(4), ‘section 26’— omit, insert— division 5 Page 10 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 2 Amendment of Agents Financial Administration Act 2014 [s 5] 5 Replacement of pt 2, div 5 (Disputes about trust money) Part 2, division 5— omit, insert— Division 5 Payments from trust accounts if dispute arises or is likely to arise 25 Application of div 5 (1) This division applies if— (a) an agent holds a transaction fund for a transaction under section 22; and (b) before the transaction fund is paid out under section 22, the agent becomes aware of a dispute, or considers a dispute may arise, between the parties to the transaction about entitlement to the transaction fund or part of the fund (the amount in dispute ). (2) In this section— party , to the transaction, does not include an entity acting for a party to the transaction. 26 When amount in dispute may be paid (1) This section applies if the agent considers that a party to the transaction is entitled to the amount in dispute. (2) The agent may give all parties to the transaction a written notice to the following effect— (a) the agent considers that a stated party is entitled to the amount in dispute; (b) the agent is authorised, under this Act, to pay the amount in dispute to the stated party 2014 Act No. 46 Page 11

Land Sales and Other Legislation Amendment Act 2014 Part 2 Amendment of Agents Financial Administration Act 2014 [s 5] Page 12 on or after a stated date (at least 60 days after the notice is given), unless— (i) a proceeding disputing the stated party’s entitlement to the amount in dispute is started and the agent is advised of the start of the proceeding; or (ii) all parties to the transaction authorise payment of the amount to the stated party before the stated date. (3) The agent may pay the amount in dispute to the stated person if— (a) after the stated date, the agent is unaware of the start of a proceeding claiming an entitlement to the amount; or (b) on or before the stated date, the agent receives written notice under subsection (2)(b)(ii) authorising payment of the amount to the stated party. (4) The agent is not liable civilly or under an administrative process in relation to the payment of the amount in dispute to the stated party as provided under this section if it is subsequently found that the stated party was not entitled to the amount. (5) To remove any doubt, it is declared that this section— (a) provides a process for the payment of an amount in dispute; and (b) does not decide legal entitlement to the amount or prevent a person legally entitled to the amount recovering it from the person to whom it was paid. (6) Nothing in this section requires the agent to give notice under subsection (2) if the agent decides to 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 2 Amendment of Agents Financial Administration Act 2014 [s 5] retain the amount in dispute until payment of the amount is authorised by all parties to the transaction or entitlement to the amount is decided by a court. 27 Dealing with amount in dispute if not dealt with under s 26 (1) This section applies if the amount in dispute is not dealt with under section 26. (2) The agent must not pay out the amount in dispute unless the agent receives written notice— (a) from all parties to the transaction stating the person who is entitled to the amount; or (b) a proceeding has been started to decide who is entitled to the amount. Maximum penalty—200 penalty units or 2 years imprisonment. 28 Where amount in dispute must be paid if person is entitled under s 27 or proceeding is started (1) This section applies if a person is entitled to the amount in dispute under section 27(2)(a) or a proceeding to decide entitlement to the amount is started. (2) The agent must pay the amount in dispute immediately— (a) if notice under section 27(2)(a) is received—to the person stated to be entitled to the amount or in accordance with the person’s direction; or (b) if a proceeding disputing entitlement to the amount is started—to the court in which the proceeding was started. 2014 Act No. 46 Page 13

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 6] Maximum penalty—200 penalty units or 2 years imprisonment. 6 Amendment of s 82 (Claims) (1) Section 82(1)(g), last dot point— omit, insert— • section 212. (2) Section 82(1)(h)— omit. Part 3 Amendment of Body Corporate and Community Management Act 1997 7 Act amended This part amends the BodyCorporateandCommunityManagement Act 1997. Note — Also see the amendments in schedule 1. 8 Insertion of new s 205AA Chapter 5, part 1A, before section 205A— insert— 205AA Application of ch 5 generally This chapter applies to the sale of a lot intended to come into existence as a lot included in a community titles scheme when the scheme is established or changed regardless of where the contract for the sale Page 14 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 9] was entered into if, when the proposed lot becomes a lot, it will be situated in Queensland. 9 Insertion of new ss 205C and 205D Chapter 5, part 1A, after section 205B— insert— 205C References to disclosure statement (1) This section applies if a lot is intended to come into existence as a lot included in a community titles scheme when the scheme is established or changed. (2) In this chapter, a reference to a disclosure statement for the lot includes a reference to the prescribed documents accompanying the statement for the lot. (3) In this section— prescribed documents , accompanying a disclosure statement, means the documents mentioned in section 213(2)(a)(ii) and (f). 205D References to things done by or in relation to buyer or seller (1) This section applies in relation to a provision of part 1 or 2 that refers to— (a) a thing required or permitted to be done by or in relation to a buyer or seller of a lot or proposed lot; or (b) a thing having been done by or in relation to a buyer or seller of a lot or proposed lot. (2) The thing may be done, or the thing may have been done, by or in relation to the buyer or seller either— (a) personally; or 2014 Act No. 46 Page 15

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 10] (b) through an agent who is authorised to act for the buyer or seller in relation to the thing. 10 Renumbering of ch 5, pt 2, divs 1 and 2 Chapter 5, part 2, divisions 1 and 2— renumber as chapter 5, part 2, divisions 2 and 3. 11 Insertion of new ch 5, pt 2, div 1 Chapter 5, part 2, before division 2 as renumbered by this Act— insert— Division 1 Preliminary 211A Definitions for pt 2 In this part— cadastral surveyor see the SurveyorsAct2003 , schedule 3. law practice means any of the following, within the meaning of the LegalProfessionAct2007 , that has an office in Queensland— (a) an Australian legal practitioner who is a sole practitioner but not a barrister under that Act; (b) a law firm; (c) an incorporated legal practice; (d) a multi-disciplinary partnership. prescribed trust account , for a recognised entity, means— (a) if the recognised entity is a law practice—a trust account kept by the practice under the Legal Profession Act 2007 ; or Page 16 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 12] (b) if the recognised entity is the public trustee—a common fund held by the public trustee under the Public Trustee Act 1978 ; or (c) if the recognised entity is a real estate agent—a trust account kept by the agent under the AgentsFinancialAdministrationAct 2014 . proposed lot means a lot intended to come into existence as a lot included in a community titles scheme when the scheme is established or changed. public trustee means the public trustee under the Public Trustee Act 1978. real estate agent means a real estate agent carrying on business as a real estate agent under the Property Occupations Act 2014. recognised entity means any of the following— (a) a law practice; (b) the public trustee; (c) a real estate agent. 12 Insertion of new s 212B Chapter 5, part 2, division 3 as renumbered by this Act— insert — 212B Application of div 3 if option granted (1) Section 213, as modified by this section, applies if a person grants an option (the option ) to another person— (a) to purchase a proposed lot; or (b) to sell a proposed lot. (2) For subsection (1)— 2014 Act No. 46 Page 17

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 13] (a) section 213(1) requires the giving of a disclosure statement in relation to the option as if a reference to a contract for the sale of a proposed lot being entered into were a reference to an option to purchase or sell the proposed lot being granted; and (b) any right of termination under section 213 relating to the disclosure statement applies in relation to— (i) the option; and (ii) a contract entered into by the seller and buyer for the sale to the buyer of the proposed lot arising from the option. (3) If the seller and buyer enter into a contract for the sale to the buyer of the proposed lot arising from the option, section 213(1) does not require the giving of a disclosure statement in relation to the contract for the sale. (4) If the buyer is not a party to the contract for the sale of the proposed lot arising from the option, the seller must comply with section 213 before entering into the contract for the sale. (5) In this section— buyer means the person who is granted an option to purchase, or grants an option to sell, the proposed lot. seller means the person who grants an option to purchase, or is granted an option to sell, the proposed lot. 13 Amendment of s 213 (Information to be given by seller to buyer) (1) Section 213(1), from ‘a lot’ to ‘changed’— omit, insert — Page 18 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 14] a proposed lot (2) Section 213(2), before paragraph (a)— insert— (aa) must— (i) identify the proposed lot; and (ii) be accompanied by a disclosure plan, complying with section 213AA, for the proposed lot; and (iii) state the date by which the seller must settle the contract for the sale of the proposed lot as provided under section 217B; and (3) Section 213(2)(aa) to (g)— renumber as section 213(2)(a) to (h). (4) Section 213(3), ‘or a person authorised by the seller’— omit. 14 Insertion of new s 213AA After section 213— insert— 213AA Disclosure plan requirements (1) A disclosure plan may comprise 1 or more documents that contain— (a) for a proposed lot intended to be a building format lot—the building format lot particulars; or (b) for a proposed lot intended to be a volumetric format lot—the volumetric format lot particulars; or 2014 Act No. 46 Page 19

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 14] (c) for a proposed lot intended to be a standard format lot—the standard format lot particulars. Example of a document that may comprise or form part of a disclosure plan — a draft plan of survey (2) A disclosure plan must be prepared by a cadastral surveyor. (3) In this section— appropriate contour intervals means contour intervals of not more than— (a) for a proposed lot of not more than 2000m 2 —50cm in height; or (b) for a proposed lot of more than 2000m 2 —1m in height. building format lot particulars , for a proposed lot intended to be a building format lot, means the following— (a) the proposed number of the lot; (b) the total area of the lot; (c) identification of any parts of the lot proposed to be outside the building in which the lot is proposed to be located, including any proposed balcony, courtyard or carport; (d) the floor level in the building in which the lot is proposed to be located; (e) identification of other lots and common property proposed to be on the same floor level in the building in which the lot is proposed to be located; (f) identification of the proposed orientation of the lot by reference to north. Page 20 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 14] 2014 Act No. 46 existing surface contours , of a proposed lot intended to be a standard format lot, means the surface contours of the lot at the time the disclosure plan for the lot is prepared. standard format lot particulars , for a proposed lot intended to be a standard format lot, means the following— (a) the proposed number of the lot; (b) a description of the dimensions of the lot as bearings and distances; (c) if the seller of the lot intends that before the contract is settled, a building be constructed on the lot by the seller, or by another person who is not the buyer under an arrangement procured by the seller— (i) the location of the building on the lot; and (ii) the total area, and number of levels, of the building; and (iii) identification of any features proposed to be constructed on the lot, including, for example, any proposed driveway, carport, courtyard or pergola; (d) identification of the proposed orientation of the lot by reference to north; (e) if there is operational work for the lot— (i) contour maps of the lot showing the surface contours, with appropriate contour intervals, as at the completion of the work; and (ii) the location of any retaining walls that are part of the work; and (iii) the height of any retaining walls that are part of the work or, if the height Page 21

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 14] varies across the length of the wall, the height of the lowest and highest points of the wall and the average height of the wall; and (iv) the areas of the lot to be cut or filled as part of the work; and (v) the following information about any fill that is part of the work— (A) the depth of the fill; (B) whether the compaction of the fill will be done in accordance with Australian Standard AS 3798-2007, and the level of inspection and testing services carried out; (C) if the compaction of the fill will not be done in accordance with that Australian Standard, the nature of the departure from the standard. (f) if there is no operational work for the lot—contour maps of the lot showing the existing surface contours, with appropriate contour intervals. volumetric format lot particulars , for a proposed lot intended to be a volumetric format lot, means the following— (a) the proposed number of the lot; (b) an isometric representation of the lot; (c) the area of the projected footprint of the lot; (d) the level of the ground surface in approximate values for illustrating the location of the lot in relation to that level; Page 22 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 15] (e) identification of the proposed orientation of the lot by reference to north; (f) if the lot is proposed to contain a building or be located in a building— (i) the floor level on which the lot is proposed to be located; and (ii) identification of other lots and common property proposed to be on the same floor level in the building. 15 Amendment of s 214 (Variation of disclosure statement by further statement) (1) Section 214(2), from ‘within 14 days’ to ‘apply’— omit, insert — at least 21 days before the contract is settled (2) Section 214(3)— omit, insert — (3) The further statement must— (a) be signed by the seller; and (b) to the extent, if any, the statement rectifies inaccuracies in the building format lot particulars, volumetric format lot particulars or standard format lot particulars mentioned in the disclosure statement—be certified as accurate by a cadastral surveyor. (3) Section 214(4)(c), ‘14 days’— omit, insert— 21 days (4) Section 214(5)— omit, insert — 2014 Act No. 46 Page 23

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 16] (5) Subsections (1) to (4) continue to apply after the further statement is given on the basis that the disclosure statement is taken to be constituted by the disclosure statement and any further statement. (6) If the seller fails to comply with this section, the buyer may terminate the contract by written notice given to the seller if— (a) the contract has not already been settled; and (b) the buyer would be materially prejudiced, if compelled to complete the contract, given the extent to which the disclosure statement was, or has become, inaccurate. 16 Insertion of new ch 5, pt 2, div 4, hdg After section 217— insert— Division 4 Other grounds for terminating contract 17 Insertion of new s 217B and ch 5, pt 2, div 5, hdg and div 5, sdiv 1, hdg After section 217A— insert— 217B Terminating contract if not settled within particular period (1) This section applies if, other than because of the buyer’s default, the seller has not settled the contract for the sale of the proposed lot before— (a) if the contract provides for a date by which it must be settled (the sunset date ), the earlier of the following— Page 24 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 18] (i) the sunset date or, if the buyer requests a later date for settlement and the seller agrees to the date, the later date; (ii) the end of 5 1 / 2 years after the day the contract was entered into by the buyer or, if the buyer requests a later date for settlement and the seller agrees to the date, the later date; or (b) otherwise—the end of 3 1 / 2 years after the day the contract was entered into by the buyer or, if the buyer requests a later date for settlement and the seller agrees to the date, the later date. Note — See section 441 for the particular circumstances in which the period prescribed in subsection (1)(b) is changed. (2) The buyer may terminate the contract for the sale of the proposed lot by a signed written notice of termination given to the seller before the contract is settled. Division 5 Miscellaneous provisions Subdivision 1 Termination 18 Replacement of s 218 (Termination under this part) Section 218— omit, insert— 218 Termination under this part (1) This section applies if a buyer terminates a contract under this part. (2) The seller must, within 14 days after the termination, repay to the buyer— 2014 Act No. 46 Page 25

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 19] (a) any amount paid to the seller or the seller’s agent towards the purchase of the lot; and (b) any interest that accrued on the amount while it was held by the seller or the seller’s agent. (3) However, if the amount or interest is held by an entity in a trust account kept as required under an Act, the requirement under subsection (2) applies subject to compliance with the law governing the entity’s trust account. (4) An amount repayable under subsection (2) may be recovered as a debt. 19 Insertion of new ch 5, pt 2, div 5, sdiv 2 and ch 5, pt 2, div 5, sdiv 3, hdg and ss 218E and 218F After section 218— insert— Subdivision 2 Amounts held in trust accounts Page 26 218A Payment of particular amounts This subdivision applies to the following amounts— (a) an amount paid towards the purchase of a proposed lot under a contract for the sale of the lot (other than an amount paid at settlement); (b) an amount paid under another instrument (whether legally binding or not) relating to the sale of a proposed lot. Examples of instruments for paragraph (b) — • an option to purchase • an instrument providing for an expression of interest 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 19] 218B Amounts paid under s 218A to be held in prescribed trust account (1) The person to whom the amount is paid must pay the amount directly to— (a) if the contract or instrument states the amount is to be paid to either of the following recognised entities, the recognised entity— (i) a law practice at its office in Queensland; (ii) a real estate agent carrying on the business of a real estate agent; or (b) if paragraph (a) does not apply, the public trustee. Maximum penalty—200 penalty units or 1 year’s imprisonment. (2) An amount paid to a recognised entity mentioned in subsection (1)(a) or (b) must be— (a) held by the entity in a prescribed trust account; and (b) dealt with by the entity in accordance with this subdivision and the law governing the operation of the entity’s prescribed trust account. Maximum penalty—200 penalty units or 1 year’s imprisonment. (3) An amount paid to a law practice under this section is taken to be trust money under the LegalProfession Act 2007 , part 3.3. 218C Disposal of amount held in prescribed trust account (1) A recognised entity that is paid an amount under section 218B(1) must hold the amount in the 2014 Act No. 46 Page 27

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 19] entity’s prescribed trust account until a party to the contract or instrument becomes entitled, under this part or otherwise according to law, to a repayment or payment of the amount. Maximum penalty—200 penalty units or 1 year’s imprisonment. (2) On a party becoming entitled to a repayment or payment of the amount, the recognised entity must dispose of the amount in accordance with the law governing the operation of the entity’s prescribed trust account. Maximum penalty—200 penalty units or 1 year’s imprisonment. (3) Subsections (1) and (2) apply despite anything in the contract or instrument under which the amount was paid to the recognised entity. 218D Investment of amount held in prescribed trust account (1) A recognised entity that holds an amount paid under section 218B(1) in a prescribed trust account may invest the amount if— (a) either of the following applies— (i) the contract or instrument authorises the investment; (ii) the parties to the contract or instrument give the entity their consent to the investment by signed written notice; and (b) the investment is carried out in accordance with the law governing the operation of the prescribed trust account. Page 28 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 19] (2) An amount invested as mentioned in subsection (1) is taken to be an amount in the prescribed trust account. (3) Any proceeds of an investment of an amount as mentioned in subsection (1) must be paid into the prescribed trust account, unless the proceeds are further invested as mentioned in subsection (1). Maximum penalty for subsection (3)—200 penalty units or 1 year’s imprisonment. Subdivision 3 Other provisions 218E Security instruments (1) This section applies if an instrument is received from the buyer of a proposed lot as security for the payment of an amount under the contract for the sale of the lot— (a) by a recognised entity on behalf of the seller; or (b) by any other person on behalf of the seller; or (c) by the seller. Example of an instrument for subsection (1) — bank guarantee (2) For subsection (1)(a), the recognised entity must keep the instrument at the prescribed place until— (a) the instrument is returnable to the buyer according to law; or (b) the instrument is given to the issuer of the security in exchange for the amount it secures. 2014 Act No. 46 Page 29

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 19] Maximum penalty—200 penalty units or 1 year’s imprisonment. (3) The amount given in exchange for the instrument under subsection (2)(b) is trust money. (4) The amount given must be— (a) held by the recognised entity who held the instrument in the entity’s prescribed trust account; and (b) dealt with by the recognised entity in accordance with this division and the law governing the operation of the entity’s prescribed trust account. Maximum penalty—200 penalty units or 1 year’s imprisonment. (5) For subsection (1)(b), the person must give the instrument directly to a recognised entity. Maximum penalty—200 penalty units or 1 year’s imprisonment. (6) For subsection (1)(c), the seller must give the instrument directly to a recognised entity. Maximum penalty—200 penalty units or 1 year’s imprisonment. (7) If the instrument is given to a recognised entity under subsection (5) or (6), subsections (2), (3) and (4) apply as if the instrument were received from the buyer by the recognised entity on behalf of the seller as provided in subsection (1)(a). (8) In this section— prescribed place means— (a) for a recognised entity that is a law practice—an office of the practice in Queensland; or Page 30 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 20] (b) for a recognised entity that is the public trustee—an office of the public trustee in Queensland; or (c) for a recognised entity that is a real estate agent—the office of the real estate agency in which the agent carries on the business of a real estate agent. 218F Evidentiary provision In a proceeding for an offence against this part, a copy of a contract or other instrument purporting to relate to the sale or purchase of a proposed lot and produced on behalf of the complainant is admissible in evidence as if it were the original contract or instrument. 20 Insertion of new s 309A After section 309— insert— 309A Responsibility for acts or omissions of representative (1) This section applies in a proceeding for an offence against this Act. (2) If it is relevant to prove a person’s state of mind about a particular act or omission, it is enough to show— (a) the act was done or omitted to be done by a representative of the person within the scope of the representative’s actual or apparent authority; and (b) the representative had the state of mind. (3) An act done or omitted to be done for a person by a representative of the person within the scope of the representative’s actual or apparent authority is taken to have been done or omitted to be done 2014 Act No. 46 Page 31

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 21] also by the person, unless the person proves the person could not, by the exercise of reasonable diligence, have prevented the act or omission. (4) In this section— representative means— (a) of an individual—an employee or agent of the individual; or (b) of an unincorporated body—a member of the body, or an employee or agent of the body; or (c) of a partnership—a partner, employee or agent of the partnership; or (d) of a corporation—an executive officer, employee or agent of the corporation. state of mind , of a person, includes— (a) the person’s knowledge, intention, opinion, belief or purpose; and (b) the person’s reasons for the intention, opinion, belief or purpose. 21 Insertion of new ch 8, pt 13 Chapter 8— insert— Part 13 Transitional provisions for Land Sales and Other Legislation Amendment Act 2014 437 Definitions for pt 13 In this part— Page 32 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 21] amendment Act means the Land Sales and Other Legislation Amendment Act 2014. commencement means the commencement of this part. new , in relation to a provision, means the provision as in force immediately after the commencement. old , in relation to a provision, means the provision as in force at any relevant time before the commencement. proposed lot means a lot intended to come into existence as a lot included in a community titles scheme when the scheme is established or changed. 438 Application of s 212B Section 212B applies only in relation to a contract granting an option to purchase a proposed lot entered into after the commencement. 439 Application of s 213 New section 213(2)(a) applies only in relation to a contract for the sale of a proposed lot entered into after the commencement. 440 Application of s 214 (1) Old section 214 continues to apply in relation to a contract for the sale of a proposed lot entered into before the commencement as if the amendment Act had not been enacted. (2) New section 214 applies only in relation to a contract for the sale of a proposed lot entered into after the commencement. 2014 Act No. 46 Page 33

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 21] 441 Application, and modified application, of s 217B (1) Section 217B applies only in relation to a contract for the sale of a proposed lot entered into by a buyer after the commencement. (2) However, section 217B as modified under subsection (3) applies in relation to the contract for the sale of the proposed lot if— (a) the proposed lot is a proposed lot mentioned in the Land Sales Regulation 2000 , schedule 2 as in force immediately before the repeal of that regulation; and Note — Under old LSA, section 28, a period could be prescribed by regulation for giving a registrable instrument for a proposed lot. (b) the contract does not provide the date by which it must be settled. (3) Section 217B is modified by omitting subsection (1)(b) and inserting the following— ‘(b) if the contract does not provide the date by which it must be settled—the end of the period prescribed in the repealed LandSalesRegulation2000 , schedule 2, worked out from the day the contract was entered into.’ (4) In this section— old LSA, section 28 means section 28 of the LandSalesAct1984 as in force immediately before the commencement. Page 34 442 Application of s 218 (1) Old section 218 continues to apply in relation to a contract for the sale of a proposed lot entered into 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 21] before the commencement as if the amendment Act had not been enacted. (2) New section 218 applies only in relation to a contract for the sale of a proposed lot entered into after the commencement. 443 Application of ch 5, pt 2, div 5, sdiv 2 Chapter 5, part 2, division 5, subdivision 2 applies only in relation to amounts paid under a contract for the sale of a proposed lot entered into after the commencement. 444 Continuing application of old LSA, part 3 (1) Old LSA, part 3 continues to apply in relation to a contract for the sale of a proposed lot entered into before the commencement as if the amendment Act had not been enacted. (2) However, if, at any time before the settlement of a contract to which the part applies, the parties to the contract agree to settle the sale using e-conveyancing, the part is to be read with the following changes— (a) old LSA, section 22(4)(a)— omit, insert — ‘(a) the vendor or the vendor’s agent can not require the purchaser to settle; and’; (b) old LSA, section 23(1), ‘, without becoming entitled in terms of the instrument to receive a registrable instrument of transfer in exchange therefor’— omit, insert — ‘(but excluding an amount payable at settlement)’; 2014 Act No. 46 Page 35

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 21] Page 36 (c) old LSA, section 23(4)— omit ; (d) old LSA, section 25(2)(a)— omit, insert — ‘(a) before settlement of the sale of the proposed lot; or’; (e) old LSA, section 25(2)(b)(ii)— omit, insert — ‘(ii) before settlement of the sale of the proposed lot;’; (f) old LSA, section 27, heading— omit, insert— ‘ 27 Purchaser’s rights if purchase not settled within a certain period ’; (g) old LSA, section 27(1)(b), ‘the vendor has not given the purchaser a registrable instrument of transfer for the lot’— omit, insert — ‘the sale of the proposed lot has not been settled’; (h) old LSA, section 27(2), ‘before the vendor gives the purchaser the registrable instrument of transfer for the proposed lot’— omit, insert — ‘before the sale of the proposed lot has been settled’; (i) old LSA, section 28, heading, ‘for giving of registrable instrument’— omit . (3) In this section— 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 22] e-conveyancing see the Property Law Act 1974 , section 58A. old LSA , followed by a provision number, means the provision with that number in the Land SalesAct 1984 as in force at any relevant time before the commencement. 22 Amendment of sch 6 (Dictionary) Schedule 6— insert— building format lot see the LandTitleAct, schedule 2. cadastral surveyor , for chapter 5, part 2, see section 211A. law practice , for chapter 5, part 2, see section 211A. prescribed trust account , for chapter 5, part 2, see section 211A. proposed lot , for chapter 5, part 2, see section 211A. public trustee , for chapter 5, part 2, see section 211A . real estate agent , for chapter 5, part 2, see section 211A . recognised entity , for chapter 5, part 2, see section 211A. standard format lot see the LandTitleAct, schedule 2. volumetric format lot see the LandTitleAct, schedule 2. 2014 Act No. 46 Page 37

Land Sales and Other Legislation Amendment Act 2014 Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 [s 23] Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 23 Act amended This part amends the BreakwaterIslandCasinoAgreementAct 1984 . 24 Amendment of s 3 (Variation of formal agreement) Section 3(3), ‘part 2’— omit, insert— part 3 25 Amendment of sch 2 (Proposed further agreements) Schedule 2, at the end— insert— Part 3 Proposed further agreement for Land Sales and Other Legislation Amendment Act 2014 Breakwater Island Casino Agreement Amendment Deed Date PARTIES 2014 © State of Queensland (the State ) Page 38 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 [s 25] Breakwater Island Limited ACN 010 271 691 of Level 3, 159 William Street, Brisbane, Queensland ( Breakwater Island ) Jupiters Limited ACN 010 741 045 of Level 3, 159 William Street, Brisbane, Queensland ( Jupiters ) CLG Properties Pty Ltd as trustee for CLG Property Trust ACN 134 383 547 of 1/177 Salmon Street, Port Melbourne, Victoria ( CLG Properties ) RECITALS A. The State, ANZ Executors and Trustee Company Limited and Breakwater Island were parties to an agreement made on 27 November 1984 relating to the establishment and operation of a Hotel/Casino complex in Townsville, which was authorised by the Breakwater Island Casino Agreement Act 1984(Qld). That agreement has been varied under the Breakwater IslandCasinoAgreementAct1984(Qld), including by way of an amendment agreement dated 14 June 2006 that varied the agreement in the form of a ‘replacement agreement’. B. Presently, Breakwater Island is the trustee of the Breakwater Island Trust and holds a casino licence in its capacity as trustee. C. Jupiters currently holds all the units in the Breakwater Island Trust and all of the shares in Breakwater Island. D. Jupiters proposes, subject to relevant consents and approvals, to transfer all of the units in the Breakwater Island Trust and all of the shares in Breakwater Island to CLG Properties pursuant to a sale and purchase agreement between Jupiters and CLG Properties dated 24 January 2014. E. The parties have agreed to amend the Breakwater Island Casino Agreement on the terms set out in this Deed. 2014 Act No. 46 Page 39

Land Sales and Other Legislation Amendment Act 2014 Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 [s 25] OPERATIVE PROVISIONS 1 Definitions and Interpretation In this Deed: (a) Act means the Breakwater Island Casino Agreement Act1984(Qld), as amended from time to time. (b) Breakwater Island Casino Agreement means the agreement referred to in Recital A. (c) Effective Date means the date on which the last of the following conditions is satisfied: (i) Jupiters and CLG Properties provide evidence to the Minister’s satisfaction that all of the Shares and Units have been transferred to CLG Properties by Jupiters and CLG Properties has been registered as the legal owner of the Shares and Units; (ii) all approvals required in order to permit, or that may be required as a result of or in connection with, any of the matters described in subclause (i) above, including under section 30 of the CasinoControlAct1982 and under clauses 26(l), 26(m) and 26(n) of the Breakwater Island Casino Agreement, have been obtained; and (iii) a deed, in a form acceptable to the Minister and dealing with: (A) the legal or beneficial interests in, or control of, CLG Properties and the CLG Property Trust, including in relation to the matters in clauses 26(e), (i) and (j) of the Breakwater Island Casino Agreement; (B) the present or future beneficiaries of the CLG Property Trust; and (C) such other matters as the Minister may require, Page 40 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 [s 25] has been executed by all relevant parties, including CLG Properties, its parent entity and any persons that legally or beneficially own or control CLG Properties or its parent entity and the State. (d) Words which are defined in the Breakwater Island Casino Agreement and which are used in this Deed have the same meaning in this Deed as in the Breakwater Island Casino Agreement, unless the context requires otherwise. 2 Amendment of the Breakwater Island Casino Agreement The parties agree that with effect from the Effective Date the Breakwater Island Casino Agreement is amended as follows— (a) deleting Jupiters from the “Parties” section and inserting the following in its place: “ CLG Properties Pty Ltd as trustee for CLG Property Trust ACN 134 383 547 of 1/177 Salmon Street, Port Melbourne, Victoria ( CLG Properties )”; (b) amending Background paragraph D by deleting reference to “Jupiters” and inserting “CLG Properties” in its place; (c) inserting the following defined term into clause 1 after the definition of “Chief Executive”: “ CLG Properties means CLG Properties Pty Ltd as the Trustee for CLG Property Trust ACN 134 383 547”; (b) amending the definitions in clause 1 by deleting the definition “Management Agreement”; (c) amending the definitions of “Share” and “Shareholder” in clause 1 by deleting “Jupiters” and inserting “CLG Properties” in its place; (d) amending clauses 5, 9, 24, 25, 26, 28 and 46 by deleting references to “Jupiters” and inserting “CLG Properties” in its place; and 2014 Act No. 46 Page 41

Land Sales and Other Legislation Amendment Act 2014 Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 [s 25] (e) amending clause 26(o) by the addition of “and the trust deed of the CLG Property Trust” before “shall not be altered or amended without the prior approval in writing of the Minister”. 3 Notification The Minister must notify the Effective Date by Gazette notice as soon as possible after the last of the conditions specified in the definition of “Effective Date” in clause 1(c) of this Deed is satisfied. 4 Remaining Provisions Unaffected Except as specifically amended by this Deed, all terms and conditions of the Breakwater Island Casino Agreement remain in full force and effect. 5 Accession On and with effect from the Effective Date, CLG Properties agrees to be bound by the terms of the Breakwater Island Casino Agreement (as amended by this Deed). 6 Governing Law and Jurisdiction This Deed is governed by the laws of Queensland. Each party submits to the non-exclusive jurisdiction of courts exercising jurisdiction there in connection with matters concerning this Deed. Page 42 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 [s 25] Executed as a Deed EXECUTED AS A DEED by THE ATTORNEY-GENERAL AND MINISTER FOR JUSTICE OF THE STATE OF QUEENSLAND for and on behalf of STATE OF QUEENSLAND EXECUTED AS A DEED in accordance with s 127 of the Corporations Act by BREAKWATER ISLAND LIMITED EXECUTED AS A DEED in accordance with s 127 of the Corporations Act by JUPITERS LIMITED 2014 Act No. 46 Page 43

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 26] EXECUTED AS A DEED in accordance with s 127 of the Corporations Act by CLG PROPERTIES PTY LTD AS TRUSTEE FOR CLG PROPERTY TRUST Part 5 Amendment of Building Units and Group Titles Act 1980 26 Act amended This part amends the BuildingUnitsandGroupTitlesAct1980. 27 Amendment of s 7 (Interpretation) Section 7(1)— insert— Page 44 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 28] cadastral surveyor , for part 4, division 3, see section 48D. law practice , for part 4, division 3, subdivision 2, see section 49C. prescribed trust account , for part 4, division 3, subdivision 2, see section 49C. real estate agent , for part 4, division 3, subdivision 2, see section 49C. recognised entity , for part 4, division 3, subdivision 2, see section 49C. 28 Replacement of pt 4, div 3, hdg (Original proprietors) Part 4, division 3, heading— omit, insert — Division 3 Sale of lots and proposed lots Subdivision 1 General 48C Application of div 3 generally This division applies to the sale of a proposed lot regardless of where the contract for the sale was entered into if, when the proposed lot becomes a lot, it will be situated in Queensland. 48D Definition for div 3 In this division— cadastral surveyor see the Surveyors Act 2003, schedule 3. 2014 Act No. 46 Page 45

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 28] 48E References to disclosure statement In this division, a reference to a disclosure statement for a lot or proposed lot includes a reference to the documents required to be given with or to accompany the disclosure statement for the lot or proposed lot under section 49. 48F References to things done by or in relation to original proprietor or purchaser (1) This section applies in relation to a provision of this division that refers to— (a) a thing required or permitted to be done by or in relation to an original proprietor or purchaser of a lot or proposed lot; or (b) a thing having been done by or in relation to an original proprietor or purchaser of a lot or proposed lot. (2) The thing may be done, or the thing may have been done, by or in relation to the original proprietor or purchaser either— (a) personally; or (b) through an agent who is authorised to act for the original proprietor or purchaser in relation to the thing. 48G Application of s 49 if option granted (1) Section 49, as modified by this section, applies if a person grants an option (the option ) to another person— (a) to purchase a proposed lot; or (b) to sell a proposed lot. (2) For subsection (1)— Page 46 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 29] (a) section 49(1) requires the giving of a disclosure statement in relation to the option as if a reference to a contract for the sale of a proposed lot being entered into were a reference to an option to purchase or sell the proposed lot being granted; and (b) any right of avoidance under section 49 relating to the disclosure statement applies in relation to— (i) the option; and (ii) a contract entered into by the original proprietor and purchaser for the sale to the purchaser of the proposed lot arising from the option. (3) If the original proprietor and purchaser enter into a contract for the sale to the purchaser of the proposed lot arising from the option, section 49(1) does not require the giving of a disclosure statement in relation to the contract for the sale. (4) If the purchaser is not a party to the contract for the sale of the proposed lot arising from the option, the original proprietor must comply with section 49 before entering into the contract for the sale. (5) In this section— original proprietor means the person who grants an option to purchase, or is granted an option to sell, the proposed lot. purchaser means the person who is granted an option to purchase, or grants an option to sell, the proposed lot. 29 Amendment of s 49 (Duties of original proprietor) (1) Section 49(1)— 2014 Act No. 46 Page 47

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 29] omit, insert — (1) Before a contract (the contract ) is entered into by an original proprietor and another person (the purchaser ) for the sale to the purchaser of a lot or proposed lot, the original proprietor must give the purchaser a disclosure statement complying with this section. (2) Section 49(2), from ‘A statement in writing’ to ‘shall’— omit, insert — The disclosure statement must (3) Section 49(2)(b)— omit, insert— (b) for the purchase of a proposed lot— (i) be accompanied by a disclosure plan, complying with section 49A, for the lot; and (ii) state the date by which the original proprietor must settle the contract for the sale of the lot as provided under section 49B; and (4) Section 49(2)(f) and (g)— omit, insert— (f) be signed by the original proprietor. (5) Section 49(3)— omit, insert— (3) The disclosure statement must be substantially complete. (3A) The original proprietor does not fail to comply with subsection (1) merely because the disclosure statement, although substantially complete as at the day the contract is entered into, contains inaccuracies. Page 48 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 29] (6) Section 49(4), from ‘before’ to ‘(2)’— omit, insert — before the contract for the sale of a lot or proposed lot is settled, the disclosure statement (7) Section 49(4), from ‘(forthwith’— omit, insert— (at least 21 days before the contract is settled) to the purchaser a further statement (the further statement ), that rectifies the inaccuracy. (8) Section 49(4A) to (6)— omit, insert— (4A) The further statement must— (a) be signed by the original proprietor; and (b) to the extent, if any, the further statement rectifies inaccuracies in the disclosure plan—be certified as accurate by a cadastral surveyor. (4B) The purchaser may avoid the contract if— (a) it has not already been settled; and (b) the purchaser would be materially prejudiced, if compelled to complete the contract, given the extent to which the disclosure statement was, or has become, inaccurate; and (c) the avoidance is effected by written notice given to the original proprietor within 21 days, or a longer period agreed between the purchaser and original proprietor, after the original proprietor gives the purchaser the further statement. (4C) Subsections (4) to (4B) continue to apply after a further statement is given on the basis that the disclosure statement under subsection (1) is taken 2014 Act No. 46 Page 49

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 29] to be constituted by the disclosure statement and any further statement. (5) If the original proprietor fails to give the purchaser a disclosure statement in compliance in every respect with subsections (1) to (3) or a further statement, the purchaser may avoid the contract by written notice given to the original proprietor if— (a) the contract has not already been settled; and (b) for a failure to give a further statement under subsection (4)—the purchaser would be materially prejudiced if compelled to complete the contract, given the extent to which the disclosure statement was, or has become, inaccurate. (6) If the purchaser avoids a contract under this section, the original proprietor must, within 14 days after the avoidance, repay to the purchaser— (a) any amount paid to the original proprietor towards the purchase of the lot or proposed lot; and (b) any interest accrued on the amount since it was paid. (6A) However, if the amount or interest is held by an entity in a trust account kept as required under an Act, the requirement under subsection (6) applies subject to compliance with the law governing the entity’s trust account. (6B) An amount repayable under subsection (6) may be recovered as a debt. (9) Section 49(7), ‘(5B)’— omit, insert — (5) Page 50 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] (10) Section 49(8) and (10)— omit. 30 Replacement of s 49A (Interpretation of awareness in s 49(5)) Section 49A— omit, insert — 49A Disclosure plan requirements (1) A disclosure plan may comprise 1 or more documents that contain— (a) for a proposed lot intended to be shown on a building units plan—the building units particulars; or (b) for a proposed lot intended to be shown on a group titles plan—the group titles particulars. Example of a document that may comprise or form part of a disclosure plan — a draft plan of survey (2) A disclosure plan must be prepared by a cadastral surveyor. (3) In this section— appropriate contour intervals means contour intervals of not more than— (a) for a proposed lot of not more than 2000m 2 —50cm in height; or (b) for a proposed lot of more than 2000m 2 —1m in height. building units particulars , for a proposed lot intended to be shown on a building units plan, means the following— (a) the proposed number of the lot; 2014 Act No. 46 Page 51

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] (b) the total area of the lot; (c) identification of any parts of the lot proposed to be outside the building in which the lot is proposed to be located, including any proposed balcony, courtyard or carport; (d) the floor level in the building in which the lot is proposed to be located; (e) identification of other lots and common property proposed to be on the same floor level in the building in which the lot is proposed to be located; (f) identification of the proposed orientation of the lot by reference to north. existing surface contours , of a proposed lot intended to be shown on a group titles plan, means the surface contours of the lot at the time the disclosure plan for the lot is prepared. group titles particulars , for a proposed lot intended to be shown on a group titles plan, means the following— (a) the proposed number of the lot; (b) a description of the dimensions of the lot as bearings and distances; (c) if the original proprietor of the lot intends that before the contract is settled, a building be constructed on the lot by the original proprietor, or by another person who is not the purchaser under an arrangement procured by the original proprietor— (i) the location of the building on the lot; and (ii) the total area, and number of levels, of the building; and Page 52 2014 Act No. 46

2014 Act No. 46 Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] (iii) identification of any features proposed to be constructed on the lot, including, for example, any proposed driveway, carport, courtyard or pergola; (d) identification of the proposed orientation of the lot by reference to north; (e) if there is operational work for the lot— (i) contour maps of the lot showing the surface contours, with appropriate contour intervals, as at the completion of the work; and (ii) the location of any retaining walls that are part of the work; and (iii) the height of any retaining walls that are part of the work or, if the height varies across the length of the wall, the height of the lowest and highest points of the wall and the average height of the wall; and (iv) the areas of the lot to be cut or filled as part of the work; and (v) the following information about any fill that is part of the work — (A) the depth of the fill; (B) whether the compaction of the fill will be done in accordance with Australian Standard AS 3798-2007, and the level of inspection and testing services carried out; (C) if the compaction of the fill will not be done in accordance with that Australian Standard, the nature of the departure from the standard. Page 53

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] Page 54 (f) if there is no operational work for the lot—contour maps of the lot showing the existing surface contours, with appropriate contour intervals. 49B Avoiding contract if not settled within particular period (1) This section applies if, other than because of the purchaser’s default, the original proprietor has not settled the contract for the sale of the proposed lot before— (a) if the contract provides for a date by which it must be settled (the sunset date ), the earlier of the following— (i) the sunset date or, if the purchaser requests a later date for settlement and the original proprietor agrees to the date, the later date; (ii) the end of 5 1 / 2 years after the day the contract was entered into by the purchaser or, if the purchaser requests a later date for settlement and the original proprietor agrees to the date, the later date; or (b) otherwise—the end of 3 1 / 2 years after the day the contract was entered into by the purchaser or, if the purchaser requests a later date for settlement and the original proprietor agrees to the date, the later date. Note — See section 139 for the particular circumstances in which the period prescribed in subsection (1)(b) is changed. (2) The purchaser may avoid the contract for the sale of the proposed lot by a signed written notice of avoidance given to the original proprietor before the contract is settled. 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] Subdivision 2 Amounts held in trust accounts and security instruments 49C Definitions for sdiv 2 In this subdivision— law practice means any of the following, within the meaning of the LegalProfessionAct2007 , that has an office in Queensland— (a) an Australian legal practitioner who is a sole practitioner but not a barrister under that Act; (b) a law firm; (c) an incorporated legal practice; (d) a multi-disciplinary partnership. prescribed trust account , for a recognised entity, means— (a) if the recognised entity is a law practice—a trust account kept by the practice under the Legal Profession Act 2007 ; or (b) if the recognised entity is the public trustee—a common fund held by the public trustee under the Public Trustee Act 1978 ; or (c) if the recognised entity is a real estate agent—a trust account kept by the agent under the AgentsFinancialAdministrationAct 2014 . real estate agent means a real estate agent carrying on business as a real estate agent under the Property Occupations Act 2014. recognised entity means— (a) a law practice; or 2014 Act No. 46 Page 55

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] (b) the public trustee; or (c) a real estate agent. 49D Payment of particular amounts This subdivision applies to the following amounts— (a) an amount paid towards the purchase of a proposed lot under a contract for the sale of the lot (other than an amount paid at settlement); (b) an amount paid under another instrument (whether legally binding or not) relating to the sale of a proposed lot. Examples of instruments for paragraph (b) — • an option to purchase • an instrument providing for an expression of interest Page 56 49E Amounts paid under s 49D to be held in prescribed trust account (1) The person to whom the amount is paid must pay the amount directly to— (a) if the contract or instrument states the amount is to be paid to either of the following recognised entities, the recognised entity— (i) a law practice at its office in Queensland; (ii) a real estate agent carrying on the business of a real estate agent; or (b) if paragraph (a) does not apply, the public trustee. Maximum penalty—200 penalty units or 1 year’s imprisonment. 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] (2) An amount paid to a recognised entity mentioned in subsection (1)(a) or (b) must be— (a) held by the entity in a prescribed trust account; and (b) dealt with by the entity in accordance with this subdivision and the law governing the operation of the entity’s prescribed trust account. Maximum penalty—200 penalty units or 1 year’s imprisonment. (3) An amount paid to a law practice under this section is taken to be trust money under the LegalProfession Act 2007 , part 3.3. 49F Disposal of amount held in prescribed trust account (1) A recognised entity that is paid an amount under section 49E(1) must hold the amount in the entity’s prescribed trust account until a party to the contract or instrument becomes entitled, under this division or otherwise according to law, to a repayment or payment of the amount. Maximum penalty—200 penalty units or 1 year’s imprisonment. (2) On a party becoming entitled to a repayment or payment of the amount, the recognised entity must dispose of the amount in accordance with the law governing the operation of the entity’s prescribed trust account. Maximum penalty—200 penalty units or 1 year’s imprisonment. (3) Subsections (1) and (2) apply despite anything in the contract or instrument under which the amount was paid to the entity. 2014 Act No. 46 Page 57

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] 49G Investment of amount held in prescribed trust account (1) A recognised entity that holds an amount paid under section 49E(1) in a prescribed trust account may invest the amount if— (a) either of the following applies— (i) the contract or instrument authorises the investment; (ii) the parties to the contract or instrument give the entity their consent to the investment by signed written notice; and (b) the investment is carried out in accordance with the law governing the operation of the prescribed trust account. (2) An amount invested as mentioned in subsection (1) is taken to be an amount in the prescribed trust account. (3) Any proceeds of an investment of an amount as mentioned in subsection (1) must be paid into the prescribed trust account, unless the proceeds are further invested as mentioned in subsection (1). Maximum penalty for subsection (3)—200 penalty units or 1 year’s imprisonment. Page 58 49H Security instruments (1) This section applies if an instrument is received from the purchaser of a proposed lot as security for the payment of an amount under the contract for the sale of the lot— (a) by a recognised entity on behalf of the original proprietor; or (b) by any other person on behalf of the original proprietor; or 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] (c) by the original proprietor. Example of an instrument for subsection (1) — bank guarantee (2) For subsection (1)(a), the recognised entity must keep the instrument at the prescribed place until— (a) the instrument is returnable to the purchaser according to law; or (b) the instrument is given to the issuer of the security in exchange for the amount it secures. Maximum penalty—200 penalty units or 1 year’s imprisonment. (3) The amount given in exchange for the instrument under subsection (2)(b) is trust money. (4) The amount given must be— (a) held by the recognised entity who held the instrument in the entity’s prescribed trust account; and (b) dealt with by the recognised entity in accordance with this division and the law governing the operation of the entity’s prescribed trust account. Maximum penalty—200 penalty units or 1 year’s imprisonment. (5) For subsection (1)(b), the person must give the instrument directly to a recognised entity. Maximum penalty—200 penalty units or 1 year’s imprisonment. (6) For subsection (1)(c), the original proprietor must give the instrument directly to a recognised entity. 2014 Act No. 46 Page 59

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (b) a thing having been done by or in relation to a buyer or seller of a leasehold building units lot or a proposed lot. (2) The thing may be done, or the thing may have been done, by or in relation to the buyer or seller either— (a) personally; or (b) through an agent who is authorised to act for the buyer or seller in relation to the thing. Division 2 Statements about leasehold building units lots and proposed lots 97E Application of div 2 if option granted for proposed lot (1) Section 97F, as modified by this section, applies if a person grants an option (the option ) to another person— (a) to purchase a proposed lot; or (b) to sell a proposed lot. (2) For subsection (1)— (a) section 97F(1) requires the giving of the disclosure statement in relation to the option as if a reference to a contract for the sale of a proposed lot being entered into were a reference to an option to purchase or sell the proposed lot being granted; and (b) any right of termination under section 97F relating to the disclosure statement applies in relation to— (i) the option; and Page 112 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (ii) a contract entered into by the seller and buyer for the sale to the buyer of the proposed lot arising from the option. (3) If the seller and buyer enter into a contract for the sale to the buyer of the proposed lot arising from the option, section 97F(1) does not require the giving of a disclosure statement in relation to the contract for the sale. (4) If the buyer is not a party to the contract for the sale of the proposed lot arising from the option, the seller must comply with section 97F before entering into the contract for the sale. (5) In this section— buyer means the person who is granted an option to purchase, or who grants an option to sell, the proposed lot. seller means the person who grants an option to purchase, or who is granted an option to sell, the proposed lot. 97F Information to be given by seller to buyer (1) Before a seller enters into a contract with another person (the buyer ) for the sale to the buyer of a leasehold building units lot or a proposed lot, the seller must give the buyer a disclosure statement. (2) The disclosure statement must— (a) identify the leasehold building units lot or the proposed lot; and (b) if the contract is for the sale of a proposed leasehold building units lot by an original seller—be accompanied by a disclosure plan, complying with section 97G, for the proposed lot; and 2014 Act No. 46 Page 113

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (c) if the contract is for the sale of a leasehold building units lot or a proposed leasehold building units lot by an original seller—include or be accompanied by the matters mentioned in section 97H; and (d) if the contract is for the sale of any proposed lot by a seller—state the date by which the seller must settle the contract for the sale of the lot as provided under section 97J. (3) The disclosure statement must be signed by the seller. (4) The disclosure statement must be substantially complete. (5) If the contract has not already been settled, the buyer may terminate the contract if the seller has not complied with subsection (1). (6) The seller does not fail to comply with subsection (1) merely because the disclosure statement, although substantially complete as at the day the contract is entered into, contains inaccuracies. Page 114 97G Disclosure plan requirements (1) A disclosure plan may comprise 1 or more documents that contain the relevant lot particulars for a proposed leasehold building units lot. (2) A disclosure plan must be prepared by a cadastral surveyor. Example of a document that may comprise or form part of a disclosure plan — a draft plan of survey (3) In this section— relevant lot particulars , for a proposed leasehold building units lot, means the following— 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (a) the proposed number of the lot; (b) the total area of the lot; (c) identification of any parts of the lot proposed to be outside the building in which the lot is proposed to be located, including any proposed balcony, courtyard or carport; (d) the floor level in the building in which the lot is proposed to be located; (e) identification of other lots and common property proposed to be on the same floor level in the building in which the lot is proposed to be located; (f) identification of the proposed orientation of the lot by reference to north. 97H Matters to be included in disclosure statement (1) A disclosure statement must— (a) include or be accompanied by particulars of— (i) for the sale of a leasehold building units lot—the lot entitlement of each leasehold building units lot on the leasehold building units plan on which the lot is shown, and the aggregate lot entitlement; or (ii) for the sale of a proposed leasehold building units lot—the proposed lot entitlement of each proposed leasehold building units lot on the proposed leasehold building units plan for the lot, and the proposed aggregate lot entitlement; and 2014 Act No. 46 Page 115

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (b) include or be accompanied by details of any prescribed arrangement entered into in relation to the relevant plan, including— (i) the terms and conditions of the prescribed arrangement; and (ii) the cost or estimated costs to the lessee of each lot shown on the plan; and (c) include or be accompanied by any by-laws or proposed by-laws for the building and its site the subject of the relevant plan; and (d) include or be accompanied by any management statement or proposed management statement for the building and its site the subject of the relevant plan. (2) In this section— relevant plan means— (a) for a leasehold building units lot—the leasehold building units plan on which the lot is shown; or (b) for a proposed leasehold building units lot—the proposed leasehold building units plan for the lot. 97I Variation of disclosure statement by further statement (1) This section applies if the contract for the sale of a leasehold building units lot or a proposed lot has not been settled and— (a) the seller becomes aware that information contained in the disclosure statement was inaccurate as at the day the contract was entered into; or Page 116 2014 Act No. 46

2014 Act No. 46 Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (b) the disclosure statement would not be accurate if now given as a disclosure statement. (2) The seller must, at least 21 days before the contract is settled, give the buyer a further statement (the further statement ) rectifying the inaccuracies in the disclosure statement. (3) The further statement must— (a) be signed by the seller; and (b) to the extent, if any, the further statement rectifies inaccuracies in the relevant lot particulars mentioned in section 97G for a proposed leasehold building units lot—be certified as accurate by a cadastral surveyor. (4) The buyer may terminate the contract if— (a) it has not already been settled; and (b) the buyer would be materially prejudiced, if compelled to complete the contract, given the extent to which the disclosure statement was, or has become, inaccurate; and (c) the termination is effected by written notice given to the seller within 21 days, or a longer period agreed between the buyer and seller, after the seller gives the buyer the further statement. (5) Subsections (1) to (4) continue to apply after the further statement is given on the basis that the disclosure statement is taken to be constituted by the disclosure statement and any further statement. (6) If the seller fails to comply with this section, the buyer may terminate the contract by written notice given to the seller if— (a) the contract has not already been settled; and Page 117

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (b) the buyer would be materially prejudiced, if compelled to complete the contract, given the extent to which the disclosure statement was, or has become, inaccurate. Division 3 Additional ground for terminating contract Page 118 97J Terminating contract if not settled within particular period (1) This section applies if, other than because of the buyer’s default, the seller has not settled the contract for the sale of the proposed lot before— (a) if the contract provides for a date by which it must be settled (the sunset date ), the earlier of the following— (i) the sunset date or, if the buyer requests a later date for settlement and the seller agrees to the date, the later date; (ii) the end of 5 1 / 2 years after the day the contract was entered into by the buyer or, if the buyer requests a later date for settlement and the seller agrees to the date, the later date; or (b) otherwise—the end of 3 1 / 2 years after the day the contract was entered into by the buyer or, if the buyer requests a later date for settlement and the seller agrees to the date, the later date. Note — See section 139 for the particular circumstances in which the period prescribed in subsection (1)(b) is changed. (2) The buyer may terminate the contract for the sale of the proposed lot by a signed written notice of termination given to the seller before the contract is settled. 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] Division 4 Termination 97K Termination under this part (1) This section applies if a buyer terminates a contract under this part. (2) The seller must, within 14 days after the termination, repay to the buyer— (a) any amount paid to the seller or the seller’s agent towards the purchase of the leasehold building units lot or proposed lot; and (b) any interest that accrued on the amount while it was held by the seller or the seller’s agent. (3) However, if the amount or interest is held by an entity in a trust account kept as required under an Act, the requirement under subsection (2) applies subject to compliance with the law governing the entity’s trust account. (4) An amount repayable under subsection (2) may be recovered as a debt. Division 5 Amounts held in trust accounts for proposed lots 97L Payment of particular amounts This division applies to the following amounts— (a) an amount paid towards the purchase of a proposed lot under a contract for the sale of the lot (other than an amount paid at settlement); (b) an amount paid under another instrument (whether legally binding or not) relating to the sale of a proposed lot. 2014 Act No. 46 Page 119

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] Examples of instruments for paragraph (b) — • an option to purchase • an instrument providing for an expression of interest Page 120 97M Amounts paid under s 97L to be held in prescribed trust account (1) The person to whom the amount is paid must pay the amount directly to— (a) if the contract or instrument states the amount is to be paid to either of the following recognised entities, the recognised entity— (i) a law practice at its office in Queensland; (ii) a real estate agent; or (b) if paragraph (a) does not apply, the public trustee. Maximum penalty—200 penalty units or 1 year’s imprisonment. (2) An amount paid to a recognised entity mentioned in subsection (1)(a) or (b) must be— (a) held by the recognised entity in a prescribed trust account; and (b) dealt with by the recognised entity in accordance with this part and the law governing the operation of the entity’s prescribed trust account. Maximum penalty—200 penalty units or 1 year’s imprisonment. (3) An amount paid to a law practice under this section is taken to be trust money under the LegalProfession Act 2007 , part 3.3. 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] 97N Disposal of amount held in prescribed trust account (1) A recognised entity that is paid an amount under section 97M(1) must hold the amount in the entity’s prescribed trust account until a party to the contract or instrument becomes entitled, under this part or otherwise according to law, to a repayment or payment of the amount. Maximum penalty—200 penalty units or 1 year’s imprisonment. (2) On a party becoming entitled to a repayment or payment of the amount, the recognised entity must dispose of the amount in accordance with the law governing the operation of the entity’s prescribed trust account. Maximum penalty—200 penalty units or 1 year’s imprisonment. (3) Subsections (1) and (2) apply despite anything in the contract or instrument under which the amount was paid to the recognised entity. 97O Investment of amount held in prescribed trust account (1) A recognised entity that holds an amount paid under section 97M(1) in a prescribed trust account may invest the amount if— (a) either of the following applies— (i) the contract or instrument authorises the investment; (ii) the parties to the contract or instrument give the entity their consent to the investment by signed written notice; and 2014 Act No. 46 Page 121

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (b) the investment is carried out in accordance with the law governing the operation of the prescribed trust account. (2) An amount invested as mentioned in subsection (1) is taken to be an amount in the prescribed trust account. (3) Any proceeds of an investment of an amount as mentioned in subsection (1) must be paid into the prescribed trust account, unless the proceeds are further invested as mentioned in subsection (1). Maximum penalty for subsection (3)—200 penalty units or 1 year’s imprisonment. Division 6 Other provisions 97P Security instruments (1) This section applies if an instrument is received from the buyer of a proposed lot as security for the payment of an amount under the contract for the sale of the lot— (a) by a recognised entity on behalf of the seller; or (b) by another person on behalf of the seller; or (c) by the seller. Example of an instrument for subsection (1)— bank guarantee (2) For subsection (1)(a), the recognised entity must keep the instrument at the prescribed place until— (a) the instrument is returnable to the buyer according to law; or Page 122 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (b) the instrument is given to the issuer of the security in exchange for the amount it secures. Maximum penalty—200 penalty units or 1 year’s imprisonment. (3) The amount given in exchange for the instrument under subsection (2)(b) is trust money. (4) The amount given must be— (a) held by the recognised entity who held the instrument in the entity’s prescribed trust account; and (b) dealt with by the recognised entity in accordance with this part and the law governing the operation of the entity’s prescribed trust account. Maximum penalty—200 penalty units or 1 year’s imprisonment. (5) For subsection (1)(b), the person must give the instrument directly to a recognised entity. Maximum penalty—200 penalty units or 1 year’s imprisonment. (6) For subsection (1)(c), the seller must give the instrument directly to a recognised entity. Maximum penalty—200 penalty units or 1 year’s imprisonment. (7) If the instrument is given to a recognised entity under subsection (5) or (6), subsections (2), (3) and (4) apply as if the instrument were received from the buyer by the recognised entity on behalf of the seller as provided in subsection (1)(a). (8) In this section— prescribed place means— 2014 Act No. 46 Page 123

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 70] (a) for a recognised entity that is a law practice—an office of the practice in Queensland; or (b) for a recognised entity that is the public trustee—an office of the public trustee in Queensland; or (c) for a recognised entity that is a real estate agent—the office of the real estate agency in which the agent carries on the business of a real estate agent. 97Q Contracting out prohibited (1) A contract for the sale of a leasehold building units lot or a proposed lot is void to the extent to which it purports to exclude, restrict or otherwise change the effect of a provision of this part. (2) In this section— contract , for the sale of a leasehold building units lot or a proposed lot, includes any instrument relating to the sale of the leasehold building units lot or proposed lot. 97R Evidentiary provision In a proceeding for an offence against this part, a copy of a contract or other instrument purporting to relate to the sale or purchase of a proposed lot and produced on behalf of the complainant is admissible in evidence as if it were the original contract or instrument. 70 Insertion of new s 98A After section 98— insert— Page 124 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 70] 98A Responsibility for acts or omissions of representative (1) This section applies in a proceeding for an offence against this Act. (2) If it is relevant to prove a person’s state of mind about a particular act or omission, it is enough to show— (a) the act was done or omitted to be done by a representative of the person within the scope of the representative’s actual or apparent authority; and (b) the representative had the state of mind. (3) An act done or omitted to be done for a person by a representative of the person within the scope of the representative’s actual or apparent authority is taken to have been done or omitted to be done also by the person, unless the person proves the person could not, by the exercise of reasonable diligence, have prevented the act or omission. (4) In this section— representative means— (a) of an individual—an employee or agent of the individual; or (b) of an unincorporated body—a member of the body, or an employee or agent of the body; or (c) of a partnership—a partner, employee or agent of the partnership; or (d) of a corporation—an executive officer, employee or agent of the corporation. state of mind , of a person, includes— (a) the person’s knowledge, intention, opinion, belief or purpose; and 2014 Act No. 46 Page 125

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 71] (b) the person’s reasons for the intention, opinion, belief or purpose. 71 Omission of s 103 (Application of Land Sales Act to public authorities) Section 103— omit. 72 Insertion of new pt 11, div 8 Part 11— insert— Division 8 Transitional provisions for Land Sales and Other Legislation Amendment Act 2014 138 Definitions for div 8 In this division— commencement means the commencement of this division. proposed lot has the meaning given by section 97B. 139 Application of pt 9A and modified application of s 97J (1) Part 9A applies only in relation to a contract for the sale of a lot or proposed lot entered into by a buyer after the commencement. (2) However, section 97J as modified under subsection (3) applies in relation to the contract for the sale of the proposed lot if— Page 126 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 72] (a) the proposed lot is a proposed lot mentioned in the Land Sales Regulation 2000 , schedule 2 as in force immediately before the repeal of that regulation; and Note — Under old LSA, section 28, a period could be prescribed by regulation for giving a registrable instrument for a proposed lot. (b) the contract does not provide the date by which it must be settled. (3) Section 97J is modified by omitting subsection (1)(b) and inserting the following— ‘(b) if the contract does not provide the date by which it must be settled—the end of the period prescribed in the repealed LandSalesRegulation2000 , schedule 2 worked out from the day the contract was entered into.’ (4) In this section— old LSA, section 28 means section 28 of the LandSalesAct1984 as in force immediately before the commencement. 140 Continuing application of former provisions (1) This section applies in relation to a contract for the sale of a lot or proposed lot entered into before the commencement. (2) The following provisions continue to apply in relation to the contract as if the Land Sales and Other Legislation Amendment Act 2014 had not been enacted— (a) schedule 4, section 49 and 49A of this Act as in force at any relevant time before the commencement; (b) old LSA, part 3. 2014 Act No. 46 Page 127

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 72] (3) However, if, at any time before the settlement of a contract to which the part applies, the parties to the contract agree to settle the sale using e-conveyancing, old LSA, part 3 is to be read with the following changes— (a) old LSA, section 22(4)(a)— omit, insert — ‘(a) the vendor or the vendor’s agent can not require the purchaser to settle; and’; (b) old LSA, section 23(1), ‘, without becoming entitled in terms of the instrument to receive a registrable instrument of transfer in exchange therefor’— omit, insert — ‘(but excluding an amount payable at settlement)’; (c) old LSA, section 23(4)— omit ; (d) old LSA, section 25(2)(a)— omit, insert — ‘(a) before settlement of the sale of the proposed lot; or’; (e) old LSA, section 25(2)(b)(ii)— omit, insert — ‘(ii) before settlement of the sale of the proposed lot;’; (f) old LSA, section 27, heading— omit, insert— ‘ 27 Purchaser’s rights if purchase not settled within a certain period ’; Page 128 2014 Act No. 46

Land Sales and Other Legislation Amendment Act 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 73] (g) old LSA, section 27(1)(b), ‘the vendor has not given the purchaser a registrable instrument of transfer for the lot’— omit, insert — ‘the sale of the proposed lot has not been settled’; (h) old LSA, section 27(2), ‘before the vendor gives the purchaser the registrable instrument of transfer for the proposed lot’— omit, insert — ‘before the sale of the proposed lot has been settled’; (i) old LSA, section 28, heading, ‘for giving of registrable instrument’— omit . (4) In this section— e-conveyancing see the Property Law Act 1974 , section 58A. old LSA , followed by a provision number, means the provision with that number in the Land SalesAct 1984 as in force at any relevant time before the commencement. 73 Amendment of sch 4 (Modified Building Units and GroupTitles Act) (1) Schedule 4, section 7, definition original lessee , paragraph (b), ‘49, 49A,’— omit. (2) Schedule 4, section 7, definition original lessee , after paragraph (b)— insert— 2014 Act No. 46 Page 129

Land Sales and Other Legislation Amendment Act 2014 Part 12 Repeal of Land Sales Regulation 2000 [s 74] (amended) (3) Schedule 4, part 4, division 3— omit, insert — Division 3 Duties of original lessee (not applied) Part 12 Repeal of Land Sales Regulation 2000 74 Repeal provision The Land Sales Regulation 2000, SL No. 221 is repealed . Part 13 Minor and consequential amendments of Acts 75 Acts amended in sch 1 Schedule 1 amends the Acts it mentions. Page 130 2014 Act No. 46

Schedule 1 Land Sales and Other Legislation Amendment Act 2014 Schedule 1 Minor and consequential amendments section 75 Body Corporate and Community Management Act 1997 1 Section 206(3), ‘or a person authorised by the seller’— omit. 2 Section 210, ‘(including the seller’s agent)’— omit. Land Title Act 1994 1 Section 122(3), from ‘allotment’— omit, insert — lot under the LandSalesAct1984 that a person obtains by agreeing to buy the lot under a contract for the sale of the lot. © State of Queensland 2014 Authorised by the Parliamentary Counsel 2014 Act No. 46 Page 131