LAND SALES AND OTHER LEGISLATION AMENDMENT BILL 2014

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LAND SALES AND OTHER LEGISLATION AMENDMENT BILL 2014

Queensland Land Sales and Other Legislation Amendment Bill 2014

Queensland Land Sales and Other Legislation Amendment Bill 2014 Contents Page Part 1 Preliminary 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Part 2 Amendment of Agents Financial Administration Act 2014 3 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 4 Amendment of s 22 (Permitted drawings from trust accounts). . . 10 5 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 6 Amendment of s 82 (Claims) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Part 3 Amendment of Body Corporate and Community Management Act 1997 7 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 8 Insertion of new s 205AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 205AA Application of ch 5 generally . . . . . . . . . . . . . . . . . . . 16 9 Insertion of new ss 205C and 205D . . . . . . . . . . . . . . . . . . . . . . . 16 205C References to disclosure statement . . . . . . . . . . . . . . 16 205D References to things done by or in relation to buyer or seller .................................. 16 10 Renumbering of ch 5, pt 2, divs 1 and 2. . . . . . . . . . . . . . . . . . . . 17 11 Insertion of new ch 5, pt 2, div 1. . . . . . . . . . . . . . . . . . . . . . . . . . 17

Land Sales and Other Legislation Amendment Bill 2014 Contents Division 1 Preliminary 211A Definitions for pt 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 12 Insertion of new s 212B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 212B Application of div 3 if option granted . . . . . . . . . . . . . 19 13 Amendment of s 213 (Information to be given by seller to buyer) 19 14 Insertion of new s 213AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 213AA Disclosure plan requirements. . . . . . . . . . . . . . . . . . . 20 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 buyer not given registrable transfer 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 . . . . . . . . . . . . . . . . . . . . . . . . . 30 20 Insertion of new s 309A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 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 . . . . . . . . . . . . . . . . . . . . . . . . . 32 439 Application of s 213 . . . . . . . . . . . . . . . . . . . . . . . . . . 33 440 Application of s 214 . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Page 2

Land Sales and Other Legislation Amendment Bill 2014 Contents 441 Application, and modified application, of s 217B . . . . 33 442 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 22 Amendment of sch 6 (Dictionary) . . . . . . . . . . . . . . . . . . . . . . . . . 35 Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 23 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 24 Amendment of s 3 (Variation of formal agreement) . . . . . . . . . . . 36 25 Amendment of sch 2 (Proposed further agreements) . . . . . . . . . 37 Part 5 Amendment of Building Units and Group Titles Act 1980 26 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 27 Amendment of s 7 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . 43 28 Replacement of pt 4, div 3, hdg (Original proprietors) . . . . . . . . . 43 Division 3 Sale of lots and proposed lots Subdivision 1 General 48C Application of div 3 generally . . . . . . . . . . . . . . . . . . . 44 48D Definitions for div 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 48E References to disclosure statement . . . . . . . . . . . . . . 44 48F References to things done by or in relation to original proprietor or purchaser. . . . . . . . . . . . . . . . . . . . . . . . 44 48G Application of s 49 if option granted . . . . . . . . . . . . . . 45 29 Amendment of s 49 (Duties of original proprietor) . . . . . . . . . . . . 46 30 Replacement of s 49A (Interpretation of awareness in s 49(5)) . . 49 49A Disclosure plan requirements. . . . . . . . . . . . . . . . . . . 49 49B Avoiding contract if purchaser not given registrable transfer within particular period . . . . . . . . . . . . . . . . . 52 Subdivision 2 Amounts held in trust accounts and security instruments 49C Definitions for sdiv 2 . . . . . . . . . . . . . . . . . . . . . . . . . . 53 49D Payment of particular amounts. . . . . . . . . . . . . . . . . . 54 49E Amounts paid under s 49D to be held in prescribed trust account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 49F Disposal of amount held in prescribed trust account . 55 49G Investment of amount held in prescribed trust account 56 49H Security instruments. . . . . . . . . . . . . . . . . . . . . . . . . . 56 Subdivision 3 Evidence Page 3

Land Sales and Other Legislation Amendment Bill 2014 Contents 49I Evidentiary provision . . . . . . . . . . . . . . . . . . . . . . . . . 58 31 Insertion of new s 133A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 133A Responsibility for acts or omissions of representative 58 32 Amendment of pt 7, hdg (Additional transitional provision) . . . . . 59 33 Insertion of new pt 7, div 1, hdg . . . . . . . . . . . . . . . . . . . . . . . . . . 59 34 Insertion of new pt 7, div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Division 2 Transitional provisions for Land Sales and Other Legislation Amendment Act 2014 136 Definitions for div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 137 Application of s 48G . . . . . . . . . . . . . . . . . . . . . . . . . . 60 138 Application of s 49 . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 139 Application, and modified application, of s 49B . . . . . 61 140 Application of pt 4, div 3, sdiv 2 . . . . . . . . . . . . . . . . . 62 141 Continuing application of old LSA, part 3 . . . . . . . . . . 62 Part 6 Amendment of Fair Trading Inspectors Act 2014 35 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 36 Amendment of s 4 (Operation of Act) . . . . . . . . . . . . . . . . . . . . . . 63 Part 7 Amendment of Land Sales Act 1984 37 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 38 Amendment of s 2 (Objects of Act) . . . . . . . . . . . . . . . . . . . . . . . 64 39 Replacement of s 5 (Application of Act) . . . . . . . . . . . . . . . . . . . . 64 3 Application of Act generally . . . . . . . . . . . . . . . . . . . . 64 4 Act does not apply to particular State leasehold land 65 40 Renumbering of s 5A (Relationship with Fair Trading Inspectors Act 2014) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 41 Amendment of s 6 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . 65 42 Omission of s 6A (Meaning of purchaser) . . . . . . . . . . . . . . . . . . 68 43 Replacement of pt 2 (Sale of proposed allotments) . . . . . . . . . . . 68 Part 2 Sale of proposed lots Division 1 Preliminary 7 References to things done by or in relation to buyer or seller .................................. 68 8 Restriction on selling State leasehold land. . . . . . . . . 69 Division 2 Disclosure requirements 9 Application of div 2 if option granted . . . . . . . . . . . . . 70 10 Documents to be given by seller to buyer. . . . . . . . . . 71 11 Requirements for disclosure plan ............. 72 Page 4

Land Sales and Other Legislation Amendment Bill 2014 Contents 12 Requirements for disclosure statement . . . . . . . . . . . 73 13 Variation of disclosure plan by further statement . . . . 74 Division 3 Registrable transfers 14 Buyer must be given registrable transfer and other documents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 Division 4 Amounts held in trust accounts 15 Definitions for div 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 16 Payment of particular amounts. . . . . . . . . . . . . . . . . . 77 17 Amounts paid under s 16 to be held in prescribed trust account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 18 Disposal of amount held in prescribed trust account . 79 19 Investment of amount held in prescribed trust account 79 Division 5 Other provisions 20 Termination under this part. . . . . . . . . . . . . . . . . . . . . 80 21 Security instruments. . . . . . . . . . . . . . . . . . . . . . . . . . 81 44 Omission of pt 3 (Sale of proposed lots) . . . . . . . . . . . . . . . . . . . 82 45 Renumbering of pt 4 (Miscellaneous provisions) . . . . . . . . . . . . . 82 46 Replacement of s 31 (Contracting out of Act void) . . . . . . . . . . . . 82 31 Contracting out prohibited . . . . . . . . . . . . . . . . . . . . . 82 47 Omission of ss 32 and 33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 48 Replacement of s 34 (Evidentiary provision) . . . . . . . . . . . . . . . . 83 34 Evidentiary provision . . . . . . . . . . . . . . . . . . . . . . . . . 83 49 Omission of s 35A (Approval of forms). . . . . . . . . . . . . . . . . . . . . 83 50 Replacement of s 36 (Regulations) . . . . . . . . . . . . . . . . . . . . . . . 83 36 Regulation-making power. . . . . . . . . . . . . . . . . . . . . . 83 51 Renumbering of ss 31-36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 52 Insertion of new pt 4, hdg and pt 4, div 1, hdg . . . . . . . . . . . . . . . 84 53 Amendment and renumbering of s 37 (Transitional provision for Sustainable Planning and Other Legislation Amendment Act 2012) 84 54 Insertion of new pt 4, div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 Division 2 Transitional provisions for Land Sales and Other Legislation Amendment Act 2014 28 Definitions for div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 29 Continuation of particular rights of prosecution . . . . . 85 30 Application of old s 8(2) . . . . . . . . . . . . . . . . . . . . . . . 85 31 Disclosure requirements. . . . . . . . . . . . . . . . . . . . . . . 86 32 Registrable transfers . . . . . . . . . . . . . . . . . . . . . . . . . 86 Page 5

Land Sales and Other Legislation Amendment Bill 2014 Contents 33 Application of new pt 2, div 4 . . . . . . . . . . . . . . . . . . . 86 34 Application of old ss 11 and 12 to existing contracts . 86 35 Application of old s 11A to existing contracts . . . . . . . 87 36 Existing declarations under old s 18. . . . . . . . . . . . . . 87 37 Undecided applications under old s 19 . . . . . . . . . . . 87 38 Application of new pt 2 if existing decision about exemption ............................. 87 55 Insertion of new sch 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 Schedule 1 Dictionary Part 8 Amendment of Legal Profession Act 2007 56 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 57 Amendment of pt 3.3, div 2, hdg (Trust accounts and trust money) 88 58 Amendment of s 249 (Holding, disbursing and accounting for trust money) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 59 Insertion of new pt 3.3, div 2A . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 Division 2A Disputes about trust money for sales of lots and proposed lots 262A Application of div 2A. . . . . . . . . . . . . . . . . . . . . . . . . . 89 262B When amount held for sale of lot or proposed lot may be paid ................................. 90 Part 9 Amendment of Property Law Act 1974 60 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 61 Insertion of new s 68A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 68A Forfeiture of deposit on purchaser's default . . . . . . . . 92 62 Amendment of s 71 (Definitions for div 4) . . . . . . . . . . . . . . . . . . 93 63 Insertion of new pt 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 Part 23 Transitional provisions for Land Sales and Other Legislation Amendment Act 2014 354 Definitions for pt 23. . . . . . . . . . . . . . . . . . . . . . . . . . . 94 355 Application of s 68A . . . . . . . . . . . . . . . . . . . . . . . . . . 94 356 Existing instalment contracts . . . . . . . . . . . . . . . . . . . 95 Part 10 Amendment of Property Occupations Act 2014 64 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 65 Amendment of s 157 (Disclosures to prospective buyer) . . . . . . . 95 Part 11 Amendment of South Bank Corporation Act 1989 66 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 67 Amendment of s 3 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Page 6

Land Sales and Other Legislation Amendment Bill 2014 Contents 68 Amendment of s 47 (Subdivision of land by a leasehold building units plan) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 69 Insertion of new pt 9A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Part 9A Sale of leasehold building units lots and proposed lots Division 1 Preliminary 97A Application of pt 9A . . . . . . . . . . . . . . . . . . . . . . . . . . 97 97B Definitions for pt 9A . . . . . . . . . . . . . . . . . . . . . . . . . . 98 97C References to disclosure statement . . . . . . . . . . . . . . 100 97D References to things done by or in relation to buyer or seller ................................. 100 Division 2 Statements about leasehold building units lots and proposed lots 97E Application of div 2 if option granted for proposed lot. 101 97F Information to be given by seller to buyer. . . . . . . . . . 102 97G Disclosure plan requirements. . . . . . . . . . . . . . . . . . . 103 97H Matters to be included in disclosure statement . . . . . 104 97I Variation of disclosure statement by further statement 105 Division 3 Registrable transfers for proposed lots 97J Terminating contract if buyer not given registrable transfer within particular period . . . . . . . . . . . . . . . . . . . . . . . . 107 Division 4 Termination 97K Termination under this part. . . . . . . . . . . . . . . . . . . . . 108 Division 5 Amounts held in trust accounts for proposed lots 97L Payment of particular amounts. . . . . . . . . . . . . . . . . . 108 97M Amounts paid under s 97L to be held in prescribed trust account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 97N Disposal of amount held in prescribed trust account . 110 97O Investment of amount held in prescribed trust account 110 Division 6 Other provisions 97P Security instruments. . . . . . . . . . . . . . . . . . . . . . . . . . 111 97Q Contracting out prohibited . . . . . . . . . . . . . . . . . . . . . 112 97R Evidentiary provision . . . . . . . . . . . . . . . . . . . . . . . . . 113 70 Insertion of new s 98A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 98A Responsibility for acts or omissions of representative 113 71 Omission of s 103 (Application of Land Sales Act to public authorities) .................................... 114 Page 7

Land Sales and Other Legislation Amendment Bill 2014 Contents 72 Insertion of new pt 11, div 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 Division 8 Transitional provisions for Land Sales and Other Legislation Amendment Act 2014 138 Definitions for div 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 139 Application of pt 9A and modified application of s 97J 115 140 Continuing application of former provisions . . . . . . . . 116 73 Amendment of sch 4 (Modified Building Units and Group Titles Act) 117 Part 12 Repeal of Land Sales Regulation 2000 74 Repeal provision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 Part 13 Minor and consequential amendments of Acts 75 Acts amended in sch 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 Schedule 1 Minor and consequential amendments . . . . . . . . . . . . . . . . . . 119 Body Corporate and Community Management Act 1997. . . . . . . 119 Land Title Act 1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 Page 8

2014 A Bill for An Act to amend the Agents Financial Administration Act 2014, the Body Corporate and Community Management Act 1997, the Breakwater Island Casino Agreement Act 1984, the Building Units and Group Titles Act 1980, the Fair Trading Inspectors Act 2014, the Land Sales Act 1984, the Legal Profession Act 2007, the Property Law Act 1974, the Property Occupations Act 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

Land Sales and Other Legislation Amendment Bill 2014 Part 1 Preliminary [s 1] The Parliament of Queensland enacts-- 1 Part 1 Preliminary 2 Clause 1 Short title 3 This Act may be cited as the Land Sales and Other 4 Legislation Amendment Act 2014. 5 Clause 2 Commencement 6 This Act, other than parts 4 and 10, commences on a day to be 7 fixed by proclamation. 8 Part 2 Amendment of Agents 9 Financial Administration Act 10 2014 11 Clause 3 Act amended 12 This part amends the Agents Financial Administration Act 13 2014. 14 Clause 4 Amendment of s 22 (Permitted drawings from trust 15 accounts) 16 Section 22(4), `section 26'-- 17 omit, insert-- 18 division 5 19 Page 10

Land Sales and Other Legislation Amendment Bill 2014 Part 2 Amendment of Agents Financial Administration Act 2014 [s 5] Clause 5 Replacement of pt 2, div 5 (Disputes about trust money) 1 Part 2, division 5-- 2 omit, insert-- 3 Division 5 Payments from trust 4 accounts if dispute arises 5 or is likely to arise 6 25 Application of div 5 7 (1) This division applies if-- 8 (a) an agent holds a transaction fund for a 9 transaction under section 22; and 10 (b) before the transaction fund is paid out under 11 section 22, the agent becomes aware of a 12 dispute, or considers a dispute may arise, 13 between the parties to the transaction about 14 entitlement to the transaction fund or part of 15 the fund (the amount in dispute). 16 (2) In this section-- 17 party, to the transaction, does not include an 18 entity acting for a party to the transaction. 19 26 When amount in dispute may be paid 20 (1) This section applies if the agent considers that a 21 party to the transaction is entitled to the amount 22 in dispute. 23 (2) The agent may give all parties to the transaction a 24 written notice to the following effect-- 25 (a) the agent considers that a stated party is 26 entitled to the amount in dispute; 27 (b) the agent is authorised, under this Act, to 28 pay the amount in dispute to the stated party 29 Page 11

Land Sales and Other Legislation Amendment Bill 2014 Part 2 Amendment of Agents Financial Administration Act 2014 [s 5] on or after a stated date (at least 60 days 1 after the notice is given), unless-- 2 (i) a proceeding disputing the stated 3 party's entitlement to the amount in 4 dispute is started and the agent is 5 advised of the start of the proceeding; 6 or 7 (ii) all parties to the transaction authorise 8 payment of the amount to the stated 9 party before the stated date. 10 (3) The agent may pay the amount in dispute to the 11 stated person if-- 12 (a) after the stated date, the agent is unaware of 13 the start of a proceeding claiming an 14 entitlement to the amount; or 15 (b) on or before the stated date, the agent 16 receives written notice under subsection 17 (2)(b)(ii) authorising payment of the amount 18 to the stated party. 19 (4) The agent is not liable civilly or under an 20 administrative process in relation to the payment 21 of the amount in dispute to the stated party as 22 provided under this section if it is subsequently 23 found that the stated party was not entitled to the 24 amount. 25 (5) To remove any doubt, it is declared that this 26 section-- 27 (a) provides a process for the payment of an 28 amount in dispute; and 29 (b) does not decide legal entitlement to the 30 amount or prevent a person legally entitled 31 to the amount recovering it from the person 32 to whom it was paid. 33 (6) Nothing in this section requires the agent to give 34 notice under subsection (2) if the agent decides to 35 Page 12

Land Sales and Other Legislation Amendment Bill 2014 Part 2 Amendment of Agents Financial Administration Act 2014 [s 5] retain the amount in dispute until payment of the 1 amount is authorised by all parties to the 2 transaction or entitlement to the amount is 3 decided by a court. 4 27 Dealing with amount in dispute if not dealt 5 with under s 26 6 (1) This section applies if the amount in dispute is 7 not dealt with under section 26. 8 (2) The agent must not pay out the amount in dispute 9 unless the agent receives written notice-- 10 (a) from all parties to the transaction stating the 11 person who is entitled to the amount; or 12 (b) a proceeding has been started to decide who 13 is entitled to the amount. 14 Maximum penalty--200 penalty units or 2 years 15 imprisonment. 16 28 Where amount in dispute must be paid if 17 person is entitled under s 27 or proceeding is 18 started 19 (1) This section applies if a person is entitled to the 20 amount in dispute under section 27(2)(a) or a 21 proceeding to decide entitlement to the amount is 22 started. 23 (2) The agent must pay the amount in dispute 24 immediately-- 25 (a) if notice under section 27(2)(a) is 26 received--to the person stated to be entitled 27 to the amount or in accordance with the 28 person's direction; or 29 (b) if a proceeding disputing entitlement to the 30 amount is started--to the court in which the 31 proceeding was started. 32 Page 13

Land Sales and Other Legislation Amendment Bill 2014 Part 2 Amendment of Agents Financial Administration Act 2014 [s 6] Maximum penalty--200 penalty units or 2 years 1 imprisonment. 2 Clause 6 Amendment of s 82 (Claims) 3 (1) Section 82(1)(h), all dot points-- 4 omit, insert-- 5 � section 10 6 � section 21 7 � a previous LSA provision; 8 (2) Section 82(1)-- 9 insert-- 10 (i) a contravention of either of the following 11 provisions of the Body Corporate and 12 Community Management Act 1997, after the 13 commencement of this paragraph, by a 14 licensee appointed by the owner of a 15 proposed lot to which chapter 5, part 2 of 16 that Act applies or a relevant person 17 employed by the licensee-- 18 � section 213 19 � section 218E; 20 (j) a contravention of either of the following 21 provisions of the Building Units and Group 22 Titles Act 1980, after the commencement of 23 this paragraph, by a licensee appointed by 24 the owner of a proposed lot to which part 4, 25 division 3 of that Act applies or a relevant 26 person employed by the licensee-- 27 � section 49(1) 28 � section 49H; 29 (k) a contravention of either of the following 30 provisions of the South Bank Corporation 31 Act 1989 by a licensee appointed by the 32 Page 14

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 7] owner of a proposed lot to which part 9A of 1 that Act applies or a relevant person 2 employed by the licensee-- 3 � section 97F 4 � section 97P. 5 (3) Section 82-- 6 insert-- 7 (4) In this section-- 8 previous LSA provision means the Land Sales 9 Act 1984, section 9, 11, 12, 21, 23 or 24, as in 10 force before the commencement of the Land 11 Sales and Other Legislation Amendment Act 12 2014, section 43. 13 Part 3 Amendment of Body Corporate 14 and Community Management 15 Act 1997 16 Clause 7 Act amended 17 This part amends the Body Corporate and Community 18 Management Act 1997. 19 Note-- 20 Also see the amendments in schedule 1. 21 Clause 8 Insertion of new s 205AA 22 Chapter 5, part 1A, before section 205A-- 23 insert-- 24 Page 15

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 9] 205AA Application of ch 5 generally 1 This chapter applies to the sale of a lot intended to 2 come into existence as a lot included in a community 3 titles scheme when the scheme is established or 4 changed regardless of where the contract for the sale 5 was entered into if, when the proposed lot becomes a 6 lot, it will be situated in Queensland. 7 Clause 9 Insertion of new ss 205C and 205D 8 Chapter 5, part 1A, after section 205B-- 9 insert-- 10 205C References to disclosure statement 11 (1) This section applies if a lot is intended to come 12 into existence as a lot included in a community 13 titles scheme when the scheme is established or 14 changed. 15 (2) In this chapter, a reference to a disclosure 16 statement for the lot includes a reference to the 17 prescribed documents accompanying the 18 statement for the lot. 19 (3) In this section-- 20 prescribed documents, accompanying a 21 disclosure statement, means the documents 22 mentioned in section 213(2)(a)(ii) and (f). 23 205D References to things done by or in relation to 24 buyer or seller 25 (1) This section applies in relation to a provision of 26 part 1 or 2 that refers to-- 27 (a) a thing required or permitted to be done by 28 or in relation to a buyer or seller of a lot or 29 proposed lot; or 30 (b) a thing having been done by or in relation to 31 a buyer or seller of a lot or proposed lot. 32 Page 16

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 10] (2) The thing may be done, or the thing may have 1 been done, by or in relation to the buyer or seller 2 either-- 3 (a) personally; or 4 (b) through an agent who is authorised to act for 5 the buyer or seller in relation to the thing. 6 Clause 10 Renumbering of ch 5, pt 2, divs 1 and 2 7 Chapter 5, part 2, divisions 1 and 2-- 8 renumber as chapter 5, part 2, divisions 2 and 3. 9 Clause 11 Insertion of new ch 5, pt 2, div 1 10 Chapter 5, part 2, before division 2 as renumbered by this Act-- 11 insert-- 12 Division 1 Preliminary 13 211A Definitions for pt 2 14 In this part-- 15 cadastral surveyor see the Surveyors Act 2003, 16 schedule 3. 17 law practice means any of the following, within 18 the meaning of the Legal Profession Act 2007, 19 that has an office in Queensland-- 20 (a) an Australian legal practitioner who is a sole 21 practitioner but not a barrister under that 22 Act; 23 (b) a law firm; 24 (c) an incorporated legal practice; 25 (d) a multi-disciplinary partnership. 26 prescribed trust account, for a recognised entity, 27 means-- 28 Page 17

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 12] (a) if the recognised entity is a law practice--a 1 trust account kept by the practice under the 2 Legal Profession Act 2007; or 3 (b) if the recognised entity is the public 4 trustee--a common fund held by the public 5 trustee under the Public Trustee Act 1978; or 6 (c) if the recognised entity is a real estate 7 agent--a trust account kept by the agent 8 under the Agents Financial Administration 9 Act 2014. 10 proposed lot means a lot intended to come into 11 existence as a lot included in a community titles 12 scheme when the scheme is established or 13 changed. 14 public trustee means the public trustee under the 15 Public Trustee Act 1978. 16 real estate agent means a real estate agent 17 carrying on business as a real estate agent under 18 the Property Occupations Act 2014. 19 recognised entity means any of the following-- 20 (a) a law practice; 21 (b) the public trustee; 22 (c) a real estate agent. 23 registrable transfer, for a lot, means an 24 instrument of transfer of the lot capable of 25 immediate registration in the freehold land 26 register under the Land Title Act, subject to the 27 instrument being properly stamped under the 28 Duties Act 2001. 29 Clause 12 Insertion of new s 212B 30 Chapter 5, part 2, division 3 as renumbered by this Act-- 31 insert-- 32 Page 18

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 13] 212B Application of div 3 if option granted 1 (1) Subsection (2) applies if a person (the seller) 2 grants an option to purchase a proposed lot (the 3 option) to another person (the buyer). 4 (2) The seller may comply with section 213(1) when 5 granting the option to purchase the proposed lot. 6 (3) For subsection (2), section 213(1) is to be read as 7 if a reference to a contract for the sale of a 8 proposed lot being entered into were a reference 9 to an option to purchase the proposed lot being 10 granted. 11 (4) If the seller and buyer enter into a contract (the 12 sale contract) for the sale of the proposed lot 13 arising from the option, and the seller complied 14 with section 213(1) as provided under subsection 15 (2) of this section-- 16 (a) section 213(1) does not require the giving of 17 another disclosure statement in relation to 18 the sale contract; and 19 (b) the disclosure statement given in relation to 20 the option is taken to have been given in 21 relation to the option and the sale contract; 22 and 23 (c) any right of termination under this division 24 relating to the disclosure statement applies 25 in relation to the option and the sale 26 contract. 27 (5) If the buyer is not a party to the contract arising 28 from the option, the seller must comply with 29 section 213 before entering into the contract. 30 Clause 13 Amendment of s 213 (Information to be given by seller to 31 buyer) 32 (1) Section 213(1), from `a lot' to `changed'-- 33 omit, insert-- 34 Page 19

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 14] a proposed lot 1 (2) Section 213(2), before paragraph (a)-- 2 insert-- 3 (aa) must-- 4 (i) identify the proposed lot; and 5 (ii) be accompanied by a disclosure plan, 6 complying with section 213AA, for the 7 proposed lot; and 8 (iii) state the period within which the seller 9 must give the buyer a registrable 10 transfer for the proposed lot in favour 11 of the buyer as provided under section 12 217B; and 13 (3) Section 213(2)(aa) to (g)-- 14 renumber as section 213(2)(a) to (h). 15 (4) Section 213(3), `or a person authorised by the seller'-- 16 omit. 17 Clause 14 Insertion of new s 213AA 18 After section 213-- 19 insert-- 20 213AA Disclosure plan requirements 21 (1) A disclosure plan may comprise 1 or more 22 documents that contain-- 23 (a) for a proposed lot intended to be a building 24 format lot or volumetric format lot--the 25 building or volumetric format lot 26 particulars; or 27 (b) for a proposed lot intended to be a standard 28 format lot--the standard format lot 29 particulars. 30 Page 20

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 14] Example of a document that may comprise or form part of 1 a disclosure plan-- 2 a draft plan of survey 3 (2) A disclosure plan must be prepared by a cadastral 4 surveyor. 5 (3) In this section-- 6 appropriate contour intervals means contour 7 intervals of not more than-- 8 (a) for a proposed lot of not more than 9 2000m2--50cm in height; or 10 (b) for a proposed lot of more than 11 2000m2--1m in height. 12 building or volumetric format lot particulars, 13 for a proposed lot intended to be a building 14 format lot or volumetric format lot, means the 15 following-- 16 (a) the proposed number of the lot; 17 (b) the total area of the lot; 18 (c) identification of any parts of the lot 19 proposed to be outside the proposed primary 20 structure in which the lot is to be contained, 21 including any proposed balcony, courtyard 22 or carport; 23 Example of a primary structure-- 24 a high-rise apartment building 25 (d) the floor level on which the lot is proposed 26 to be located; 27 (e) identification of other lots and common 28 property proposed to be on the same floor 29 level in the proposed primary structure in 30 which the lot is to be contained; 31 (f) identification of the proposed orientation of 32 the lot by reference to north. 33 Page 21

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 14] existing surface contours, of a proposed lot 1 intended to be a standard format lot, means the 2 surface contours of the lot at the time the 3 disclosure plan for the lot is prepared. 4 standard format lot particulars, for a proposed 5 lot intended to be a standard format lot, means 6 the following-- 7 (a) the proposed number of the lot; 8 (b) a description of the dimensions of the lot as 9 bearings and distances; 10 (c) if the seller of the lot intends that a building 11 be constructed on the lot-- 12 (i) the location of the building on the lot; 13 and 14 (ii) the total area, and number of levels, of 15 the building; and 16 (iii) identification of any features proposed 17 to be constructed on the lot, including, 18 for example, any proposed driveway, 19 carport, courtyard or pergola; 20 (d) identification of the proposed orientation of 21 the lot by reference to north; 22 (e) if there is operational work for the lot-- 23 (i) contour maps of the lot showing the 24 surface contours, with appropriate 25 contour intervals, as at the completion 26 of the work; and 27 (ii) the location and height of any retaining 28 walls that are part of the work; and 29 (iii) the areas of the lot to be cut or filled as 30 part of the work; and 31 (iv) information about any fill that is part of 32 the work, including the depth of the fill 33 and compaction rates; 34 Page 22

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 15] (f) if there is no operational work for the 1 lot--contour maps of the lot showing the 2 existing surface contours, with appropriate 3 contour intervals. 4 Clause 15 Amendment of s 214 (Variation of disclosure statement 5 by further statement) 6 (1) Section 214(2), from `within 14 days' to `apply'-- 7 omit, insert-- 8 at least 21 days before the contract is settled 9 (2) Section 214(3)-- 10 omit, insert-- 11 (3) The further statement must-- 12 (a) be signed by the seller; and 13 (b) to the extent, if any, the statement rectifies 14 inaccuracies in the building or volumetric 15 format lot particulars or standard format lot 16 particulars mentioned in the disclosure 17 statement--be certified as accurate by a 18 cadastral surveyor. 19 (3) Section 214(4)(c), `14 days'-- 20 omit, insert-- 21 21 days 22 (4) Section 214(5)-- 23 omit, insert-- 24 (5) Subsections (1) to (4) continue to apply after the 25 further statement is given on the basis that the 26 disclosure statement is taken to be constituted by 27 the disclosure statement and any further 28 statement. 29 Page 23

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 16] (6) If the seller fails to comply with this section, the 1 buyer may terminate the contract by written 2 notice given to the seller if-- 3 (a) the contract has not already been settled; 4 and 5 (b) the buyer would be materially prejudiced, if 6 compelled to complete the contract, given 7 the extent to which the disclosure statement 8 was, or has become, inaccurate. 9 Clause 16 Insertion of new ch 5, pt 2, div 4, hdg 10 After section 217-- 11 insert-- 12 Division 4 Other grounds for 13 terminating contract 14 Clause 17 Insertion of new s 217B and ch 5, pt 2, div 5, hdg and div 15 5, sdiv 1, hdg 16 After section 217A-- 17 insert-- 18 217B Terminating contract if buyer not given 19 registrable transfer within particular period 20 (1) This section applies if, other than because of the 21 buyer's default, the seller has not unconditionally 22 given the buyer a registrable transfer for the 23 proposed lot in the buyer's favour before-- 24 (a) if the contract provides for when the seller 25 must give the buyer a registrable transfer 26 (the sunset date), the earlier of the 27 following-- 28 (i) the end of the sunset date; 29 Page 24

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 18] (ii) the end of 51/2 years after the day the 1 contract was entered into by the buyer; 2 or 3 (b) otherwise--the end of 31/2 years after the 4 day the contract was entered into by the 5 buyer. 6 Note-- 7 See section 441 for the particular circumstances in which 8 the period prescribed in subsection (1)(b) is changed. 9 (2) The buyer may terminate the contract for the sale 10 of the proposed lot by a signed written notice of 11 termination given to the seller before the seller 12 gives the buyer a registrable transfer for the lot in 13 the buyer's favour. 14 Division 5 Miscellaneous provisions 15 Subdivision 1 Termination 16 Clause 18 Replacement of s 218 (Termination under this part) 17 Section 218-- 18 omit, insert-- 19 218 Termination under this part 20 (1) This section applies if a buyer terminates a 21 contract under this part. 22 (2) The seller must, within 14 days after the 23 termination, repay to the buyer-- 24 (a) any amount paid to the seller or the seller's 25 agent towards the purchase of the lot; and 26 (b) any interest that accrued on the amount 27 while it was held by the seller or the seller's 28 agent. 29 Page 25

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 19] (3) However, if the amount or interest is held by an 1 entity in a trust account kept as required under an 2 Act, the requirement under subsection (2) applies 3 subject to compliance with the law governing the 4 entity's trust account. 5 (4) An amount repayable under subsection (2) may 6 be recovered as a debt. 7 Clause 19 Insertion of new ch 5, pt 2, div 5, sdiv 2 and ch 5, pt 2, div 8 5, sdiv 3, hdg and ss 218E and 218F 9 After section 218-- 10 insert-- 11 Subdivision 2 Amounts held in trust 12 accounts 13 218A Payment of particular amounts 14 This subdivision applies to the following amounts-- 15 (a) an amount paid towards the purchase of a 16 proposed lot under a contract for the sale of 17 the lot (excluding an amount the payment of 18 which entitles the buyer to a registrable 19 transfer in the buyer's favour); 20 (b) an amount paid under another instrument 21 (whether legally binding or not) relating to 22 the sale of a proposed lot. 23 Examples of instruments for paragraph (b)-- 24 � an option to purchase 25 � an instrument providing for an expression of 26 interest 27 Page 26

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 19] 218B Amounts paid under s 218A to be held in 1 prescribed trust account 2 (1) The person to whom the amount is paid must pay 3 the amount directly to-- 4 (a) if the contract or instrument states the 5 amount is to be paid to either of the 6 following recognised entities, the 7 recognised entity-- 8 (i) a law practice at its office in 9 Queensland; 10 (ii) a real estate agent carrying on the 11 business of a real estate agent; or 12 (b) if paragraph (a) does not apply, the public 13 trustee. 14 Maximum penalty--200 penalty units or 1 year's 15 imprisonment. 16 (2) An amount paid to a recognised entity mentioned 17 in subsection (1)(a) or (b) must be-- 18 (a) held by the entity in a prescribed trust 19 account; and 20 (b) dealt with by the entity in accordance with 21 this subdivision and the law governing the 22 operation of the entity's prescribed trust 23 account. 24 Maximum penalty--200 penalty units or 1 year's 25 imprisonment. 26 (3) An amount paid to a law practice under this 27 section is taken to be trust money under the Legal 28 Profession Act 2007, part 3.3. 29 218C Disposal of amount held in prescribed trust 30 account 31 (1) A recognised entity that is paid an amount under 32 section 218B(1) must hold the amount in the 33 Page 27

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 19] entity's prescribed trust account until a party to 1 the contract or instrument becomes entitled, 2 under this part or otherwise according to law, to a 3 repayment or payment of the amount. 4 Maximum penalty--200 penalty units or 1 year's 5 imprisonment. 6 (2) On a party becoming entitled to a repayment or 7 payment of the amount, the recognised entity 8 must dispose of the amount in accordance with 9 the law governing the operation of the entity's 10 prescribed trust account. 11 Maximum penalty--200 penalty units or 1 year's 12 imprisonment. 13 (3) Subsections (1) and (2) apply despite anything in 14 the contract or instrument under which the 15 amount was paid to the recognised entity. 16 218D Investment of amount held in prescribed 17 trust account 18 (1) A recognised entity that holds an amount paid 19 under section 218B(1) in a prescribed trust 20 account may invest the amount if-- 21 (a) either of the following applies-- 22 (i) the contract or instrument authorises 23 the investment; 24 (ii) the parties to the contract or instrument 25 give the entity their consent to the 26 investment by signed written notice; 27 and 28 (b) the investment is carried out in accordance 29 with the law governing the operation of the 30 prescribed trust account. 31 Page 28

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 19] (2) An amount invested as mentioned in subsection 1 (1) is taken to be an amount in the prescribed 2 trust account. 3 (3) Any proceeds of an investment of an amount as 4 mentioned in subsection (1) must be paid into the 5 prescribed trust account, unless the proceeds are 6 further invested as mentioned in subsection (1). 7 Maximum penalty for subsection (3)--200 8 penalty units or 1 year's imprisonment. 9 Subdivision 3 Other provisions 10 218E Security instruments 11 (1) This section applies if a recognised entity 12 receives, on behalf of the seller of a proposed lot, 13 an instrument from the buyer as security for the 14 payment of an amount under the contract for the 15 sale of the lot. 16 Example of an instrument for subsection (1)-- 17 bank guarantee 18 (2) The recognised entity must keep the instrument 19 at the prescribed place until-- 20 (a) the instrument is returnable to the buyer 21 according to law; or 22 (b) the instrument is given to the issuer of the 23 security in exchange for the amount it 24 secures. 25 Maximum penalty--200 penalty units or 1 year's 26 imprisonment. 27 (3) The amount given in exchange for the instrument 28 under subsection (2)(b) is trust money. 29 (4) The amount given must be-- 30 Page 29

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 20] (a) held by the recognised entity who held the 1 instrument in the entity's prescribed trust 2 account; and 3 (b) dealt with by the recognised entity in 4 accordance with this division and the law 5 governing the operation of the entity's 6 prescribed trust account. 7 Maximum penalty--200 penalty units or 1 year's 8 imprisonment. 9 (5) In this section-- 10 prescribed place means-- 11 (a) for a recognised entity that is a law 12 practice--an office of the practice in 13 Queensland; or 14 (b) for a recognised entity that is the public 15 trustee--an office of the public trustee in 16 Queensland; or 17 (c) for a recognised entity that is a real estate 18 agent--the office of the real estate agency in 19 which the agent carries on the business of a 20 real estate agent. 21 218F Evidentiary provision 22 In a proceeding for an offence against this part, a copy 23 of a contract or other instrument purporting to relate to 24 the sale or purchase of a proposed lot and produced on 25 behalf of the complainant is admissible in evidence as 26 if it were the original contract or instrument. 27 Clause 20 Insertion of new s 309A 28 After section 309-- 29 insert-- 30 Page 30

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 20] 309A Responsibility for acts or omissions of 1 representative 2 (1) This section applies in a proceeding for an 3 offence against this Act. 4 (2) If it is relevant to prove a person's state of mind 5 about a particular act or omission, it is enough to 6 show-- 7 (a) the act was done or omitted to be done by a 8 representative of the person within the scope 9 of the representative's actual or apparent 10 authority; and 11 (b) the representative had the state of mind. 12 (3) An act done or omitted to be done for a person by 13 a representative of the person within the scope of 14 the representative's actual or apparent authority is 15 taken to have been done or omitted to be done 16 also by the person, unless the person proves the 17 person could not, by the exercise of reasonable 18 diligence, have prevented the act or omission. 19 (4) In this section-- 20 representative means-- 21 (a) of an individual--an employee or agent of 22 the individual; or 23 (b) of an unincorporated body--a member of 24 the body, or an employee or agent of the 25 body; or 26 (c) of a partnership--a partner, employee or 27 agent of the partnership; or 28 (d) of a corporation--an executive officer, 29 employee or agent of the corporation. 30 state of mind, of a person, includes-- 31 (a) the person's knowledge, intention, opinion, 32 belief or purpose; and 33 Page 31

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 21] (b) the person's reasons for the intention, 1 opinion, belief or purpose. 2 Clause 21 Insertion of new ch 8, pt 13 3 Chapter 8-- 4 insert-- 5 Part 13 Transitional provisions 6 for Land Sales and 7 Other Legislation 8 Amendment Act 2014 9 437 Definitions for pt 13 10 In this part-- 11 amendment Act means the Land Sales and Other 12 Legislation Amendment Act 2014. 13 commencement means the commencement of 14 this part. 15 new, in relation to a provision, means the 16 provision as in force immediately after the 17 commencement. 18 old, in relation to a provision, means the 19 provision as in force at any relevant time before 20 the commencement. 21 proposed lot means a lot intended to come into 22 existence as a lot included in a community titles 23 scheme when the scheme is established or 24 changed. 25 438 Application of s 212B 26 Section 212B applies only in relation to a contract 27 granting an option to purchase a proposed lot entered 28 into after the commencement. 29 Page 32

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 21] 439 Application of s 213 1 New section 213(2)(a) applies only in relation to a 2 contract for the sale of a proposed lot entered into after 3 the commencement. 4 440 Application of s 214 5 (1) Old section 214 continues to apply in relation to a 6 contract for the sale of a proposed lot entered into 7 before the commencement as if the amendment 8 Act had not been enacted. 9 (2) New section 214 applies only in relation to a 10 contract for the sale of a proposed lot entered into 11 after the commencement. 12 441 Application, and modified application, of 13 s 217B 14 (1) Section 217B applies only in relation to a 15 contract for the sale of a proposed lot entered into 16 by a buyer after the commencement. 17 (2) However, section 217B as modified under 18 subsection (3) applies in relation to the contract 19 for the sale of the proposed lot if-- 20 (a) the proposed lot is a proposed lot mentioned 21 in the Land Sales Regulation 2000, schedule 22 2 as in force immediately before the repeal 23 of that regulation; and 24 Note-- 25 Under old LSA, section 28, a period could be 26 prescribed by regulation for giving a registrable 27 instrument for a proposed lot. 28 (b) the contract does not provide for when the 29 seller must give the buyer a registrable 30 transfer; and 31 Page 33

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 21] (c) before the contract is entered into, the seller 1 gives the buyer written notice stating-- 2 (i) the period within which the seller must 3 give the buyer a registrable transfer for 4 the proposed lot is extended as 5 provided for under the Body Corporate 6 and Community Management Act 7 1997, sections 217B and 441; and 8 (ii) the period within which the seller must 9 give the buyer a registrable transfer. 10 (3) Section 217B is modified by omitting subsection 11 (1)(b) and inserting the following-- 12 (b) if the contract does not provide for 13 when the seller must give the buyer a 14 registrable transfer--the end of the 15 period prescribed in the repealed Land 16 Sales Regulation 2000, schedule 2 17 worked out from the day the contract 18 was entered into. 19 (4) Without limiting the ways the seller may comply 20 with subsection (2)(c), it is sufficient compliance 21 with the provision if the information mentioned 22 in the provision is included in the disclosure 23 statement given to the buyer under section 213. 24 (5) In this section-- 25 old LSA, section 28 means section 28 of the 26 Land Sales Act 1984 as in force immediately 27 before the commencement. 28 442 Application of s 218 29 (1) Old section 218 continues to apply in relation to a 30 contract for the sale of a proposed lot entered into 31 before the commencement as if the amendment 32 Act had not been enacted. 33 Page 34

Land Sales and Other Legislation Amendment Bill 2014 Part 3 Amendment of Body Corporate and Community Management Act 1997 [s 22] (2) New section 218 applies only in relation to a 1 contract for the sale of a proposed lot entered into 2 after the commencement. 3 443 Application of ch 5, pt 2, div 5, sdiv 2 4 Chapter 5, part 2, division 5, subdivision 2 applies 5 only in relation to amounts paid under a contract for 6 the sale of a proposed lot entered into after the 7 commencement. 8 444 Continuing application of old LSA, part 3 9 (1) Old LSA, part 3 continues to apply in relation to 10 a contract for the sale of a proposed lot entered 11 into before the commencement as if the 12 amendment Act had not been enacted. 13 (2) In this section-- 14 old LSA, part 3 means part 3 of the Land Sales 15 Act 1984 as in force at any relevant time before 16 the commencement. 17 Clause 22 Amendment of sch 6 (Dictionary) 18 Schedule 6-- 19 insert-- 20 building format lot see the Land Title Act, 21 schedule 2. 22 cadastral surveyor, for chapter 5, part 2, see 23 section 211A. 24 law practice, for chapter 5, part 2, see section 25 211A. 26 prescribed trust account, for chapter 5, part 2, 27 see section 211A. 28 Page 35

Land Sales and Other Legislation Amendment Bill 2014 Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 [s 23] proposed lot, for chapter 5, part 2, see section 1 211A. 2 public trustee, for chapter 5, part 2, see section 3 211A. 4 real estate agent, for chapter 5, part 2, see 5 section 211A. 6 recognised entity, for chapter 5, part 2, see 7 section 211A. 8 registrable transfer, for chapter 5, part 2, see 9 section 211A. 10 standard format lot see the Land Title Act, 11 schedule 2. 12 volumetric format lot see the Land Title Act, 13 schedule 2. 14 Part 4 Amendment of Breakwater 15 Island Casino Agreement Act 16 1984 17 Clause 23 Act amended 18 This part amends the Breakwater Island Casino Agreement 19 Act 1984. 20 Clause 24 Amendment of s 3 (Variation of formal agreement) 21 Section 3(3), `part 2'-- 22 omit, insert-- 23 part 3 24 Page 36

Land Sales and Other Legislation Amendment Bill 2014 Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 [s 25] Clause 25 Amendment of sch 2 (Proposed further agreements) 1 Schedule 2, at the end-- 2 insert-- 3 Part 3 Proposed further 4 agreement for Land 5 Sales and Other 6 Legislation 7 Amendment Act 2014 8 Breakwater Island Casino Agreement 9 Amendment Deed 10 Date 2014 11 PARTIES State of Queensland (the State) 12 Breakwater Island Limited ACN 010 271 691 of Level 3, 13 159 William Street, Brisbane, Queensland (Breakwater 14 Island) 15 Jupiters Limited ACN 010 741 045 of Level 3, 159 16 William Street, Brisbane, Queensland (Jupiters) 17 CLG Properties Pty Ltd as trustee for CLG Property 18 Trust ACN 134 383 547 of 1/177 Salmon Street, Port 19 Melbourne, Victoria (CLG Properties) 20 RECITALS 21 A. The State, ANZ Executors and Trustee Company Limited and 22 Breakwater Island were parties to an agreement made on 27 23 November 1984 relating to the establishment and operation of 24 a Hotel/Casino complex in Townsville, which was authorised 25 by the Breakwater Island Casino Agreement Act 1984 (Qld). 26 That agreement has been varied under the Breakwater Island 27 Casino Agreement Act 1984 (Qld), including by way of an 28 Page 37

Land Sales and Other Legislation Amendment Bill 2014 Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 [s 25] amendment agreement dated 14 June 2006 that varied the 1 agreement in the form of a `replacement agreement'. 2 B. Presently, Breakwater Island is the trustee of the Breakwater 3 Island Trust and holds a casino licence in its capacity as 4 trustee. 5 C. Jupiters currently holds all the units in the Breakwater Island 6 Trust and all of the shares in Breakwater Island. 7 D. Jupiters proposes, subject to relevant consents and approvals, 8 to transfer all of the units in the Breakwater Island Trust and 9 all of the shares in Breakwater Island to CLG Properties 10 pursuant to a sale and purchase agreement between Jupiters 11 and CLG Properties dated 24 January 2014. 12 E. The parties have agreed to amend the Breakwater Island 13 Casino Agreement on the terms set out in this Deed. 14 OPERATIVE PROVISIONS 15 1 Definitions and Interpretation 16 In this Deed: 17 (a) Act means the Breakwater Island Casino Agreement Act 18 1984 (Qld), as amended from time to time. 19 (b) Breakwater Island Casino Agreement means the 20 agreement referred to in Recital A. 21 (c) Effective Date means the date on which the last of the 22 following conditions is satisfied: 23 (i) Jupiters and CLG Properties provide evidence to 24 the Minister's satisfaction that all of the Shares and 25 Units have been transferred to CLG Properties by 26 Jupiters and CLG Properties has been registered as 27 the legal owner of the Shares and Units; 28 (ii) all approvals required in order to permit, or that 29 may be required as a result of or in connection 30 with, any of the matters described in subclause (i) 31 above, including under section 30 of the Casino 32 Page 38

Land Sales and Other Legislation Amendment Bill 2014 Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 [s 25] Control Act 1982 and under clauses 26(l), 26(m) 1 and 26(n) of the Breakwater Island Casino 2 Agreement, have been obtained; and 3 (iii) a deed, in a form acceptable to the Minister and 4 dealing with: 5 (A) the legal or beneficial interests in, or control 6 of, CLG Properties and the CLG Property 7 Trust, including in relation to the matters in 8 clauses 26(e), (i) and (j) of the Breakwater 9 Island Casino Agreement; 10 (B) the present or future beneficiaries of the 11 CLG Property Trust; and 12 (C) such other matters as the Minister may 13 require, 14 has been executed by all relevant parties, including 15 CLG Properties, its parent entity and any persons 16 that legally or beneficially own or control CLG 17 Properties or its parent entity and the State. 18 (d) Words which are defined in the Breakwater Island 19 Casino Agreement and which are used in this Deed have 20 the same meaning in this Deed as in the Breakwater 21 Island Casino Agreement, unless the context requires 22 otherwise. 23 2 Amendment of the Breakwater Island Casino Agreement 24 The parties agree that with effect from the Effective Date the 25 Breakwater Island Casino Agreement is amended as 26 follows-- 27 (a) deleting Jupiters from the "Parties" section and inserting 28 the following in its place: 29 "CLG Properties Pty Ltd as trustee for CLG 30 Property Trust ACN 134 383 547 of 1/177 Salmon 31 Street, Port Melbourne, Victoria (CLG Properties)"; 32 Page 39

Land Sales and Other Legislation Amendment Bill 2014 Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 [s 25] (b) amending Background paragraph D by deleting 1 reference to "Jupiters" and inserting "CLG Properties" 2 in its place; 3 (c) inserting the following defined term into clause 1 after 4 the definition of "Chief Executive": 5 "CLG Properties means CLG Properties Pty Ltd as the 6 Trustee for CLG Property Trust ACN 134 383 547"; 7 (b) amending the definitions in clause 1 by deleting the 8 definition "Management Agreement"; 9 (c) amending the definitions of "Share" and "Shareholder" 10 in clause 1 by deleting "Jupiters" and inserting "CLG 11 Properties" in its place; 12 (d) amending clauses 5, 9, 24, 25, 26, 28 and 46 by deleting 13 references to "Jupiters" and inserting "CLG Properties" 14 in its place; and 15 (e) amending clause 26(o) by the addition of "and the trust 16 deed of the CLG Property Trust" before "shall not be 17 altered or amended without the prior approval in writing 18 of the Minister". 19 3 Notification 20 The Minister must notify the Effective Date by Gazette notice 21 as soon as possible after the last of the conditions specified in 22 the definition of "Effective Date" in clause 1(c) of this Deed is 23 satisfied. 24 4 Remaining Provisions Unaffected 25 Except as specifically amended by this Deed, all terms and 26 conditions of the Breakwater Island Casino Agreement 27 remain in full force and effect. 28 Page 40

Land Sales and Other Legislation Amendment Bill 2014 Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 [s 25] 5 Accession 1 On and with effect from the Effective Date, CLG Properties 2 agrees to be bound by the terms of the Breakwater Island 3 Casino Agreement (as amended by this Deed). 4 6 Governing Law and Jurisdiction 5 This Deed is governed by the laws of Queensland. Each party 6 submits to the non-exclusive jurisdiction of courts exercising 7 jurisdiction there in connection with matters concerning this 8 Deed. 9 Executed as a Deed 10 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 Page 41

Land Sales and Other Legislation Amendment Bill 2014 Part 4 Amendment of Breakwater Island Casino Agreement Act 1984 [s 25] 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 EXECUTED AS A DEED in accordance with s 127 of the Corporations Act by CLG PROPERTIES PTY LTD AS TRUSTEE FOR CLG PROPERTY TRUST Page 42

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 26] Part 5 Amendment of Building Units 1 and Group Titles Act 1980 2 Clause 26 Act amended 3 This part amends the Building Units and Group Titles Act 4 1980. 5 Clause 27 Amendment of s 7 (Interpretation) 6 Section 7(1)-- 7 insert-- 8 cadastral surveyor, for part 4, division 3, see 9 section 48D. 10 law practice, for part 4, division 3, subdivision 2, 11 see section 49C. 12 prescribed trust account, for part 4, division 3, 13 subdivision 2, see section 49C. 14 real estate agent, for part 4, division 3, 15 subdivision 2, see section 49C. 16 recognised entity, for part 4, division 3, 17 subdivision 2, see section 49C. 18 registrable transfer, for part 4, division 3, see 19 section 48D. 20 Clause 28 Replacement of pt 4, div 3, hdg (Original proprietors) 21 Part 4, division 3, heading-- 22 omit, insert-- 23 Page 43

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 28] Division 3 Sale of lots and proposed 1 lots 2 Subdivision 1 General 3 48C Application of div 3 generally 4 This division applies to the sale of a proposed lot 5 regardless of where the contract for the sale was 6 entered into if, when the proposed lot becomes a lot, it 7 will be situated in Queensland. 8 48D Definitions for div 3 9 In this division-- 10 cadastral surveyor see the Surveyors Act 2003, 11 schedule 3. 12 registrable transfer, for a lot, means an 13 instrument of transfer of the lot capable of 14 immediate registration in the freehold land 15 register under the Land Title Act 1994, subject to 16 the instrument being properly stamped under the 17 Duties Act 2001. 18 48E References to disclosure statement 19 In this division, a reference to a disclosure statement 20 for a lot or proposed lot includes a reference to the 21 documents required to be given with or to accompany 22 the disclosure statement for the lot or proposed lot 23 under section 49. 24 48F References to things done by or in relation to 25 original proprietor or purchaser 26 (1) This section applies in relation to a provision of 27 this division that refers to-- 28 Page 44

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 28] (a) a thing required or permitted to be done by 1 or in relation to an original proprietor or 2 purchaser of a lot or proposed lot; or 3 (b) a thing having been done by or in relation to 4 an original proprietor or purchaser of a lot or 5 proposed lot. 6 (2) The thing may be done, or the thing may have 7 been done, by or in relation to the original 8 proprietor or purchaser either-- 9 (a) personally; or 10 (b) through an agent who is authorised to act for 11 the original proprietor or purchaser in 12 relation to the thing. 13 48G Application of s 49 if option granted 14 (1) Subsection (2) applies if the original proprietor 15 grants an option to purchase a proposed lot (the 16 option) to another person (the purchaser). 17 (2) The original proprietor may comply with section 18 49(1) when granting the option to purchase the 19 proposed lot. 20 (3) For subsection (2), section 49(1) is to be read as 21 if a reference to a contract being entered into for 22 the sale of a proposed lot were a reference to an 23 option to purchase the proposed lot being 24 granted. 25 (4) If the original proprietor and purchaser enter into 26 a contract (the sale contract) for the sale of the 27 proposed lot arising from the option, and the 28 original proprietor complied with section 49(1) 29 as provided under subsection (2) of this section-- 30 (a) section 49(1) does not require the giving of 31 another disclosure statement in relation to 32 the sale contract; and 33 Page 45

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 29] (b) the disclosure statement given in relation to 1 the option is taken to have been given in 2 relation to the option and the sale contract; 3 and 4 (c) any right of avoidance under section 49 5 relating to the disclosure statement applies 6 in relation to the option and the sale 7 contract. 8 (5) If the purchaser is not a party to the contract 9 arising from the option, the original proprietor 10 must comply with section 49 before entering into 11 the contract. 12 Clause 29 Amendment of s 49 (Duties of original proprietor) 13 (1) Section 49(1)-- 14 omit, insert-- 15 (1) Before a contract (the contract) is entered into by 16 an original proprietor and another person (the 17 purchaser) for the sale to the purchaser of a lot or 18 proposed lot, the original proprietor must give 19 the purchaser a disclosure statement complying 20 with this section. 21 (2) Section 49(2), from `A statement in writing' to `shall'-- 22 omit, insert-- 23 The disclosure statement must 24 (3) Section 49(2)(b)-- 25 omit, insert-- 26 (b) for the purchase of a proposed lot-- 27 (i) be accompanied by a disclosure plan, 28 complying with section 49A, for the 29 lot; and 30 (ii) state the period within which the 31 original proprietor must give the 32 Page 46

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 29] purchaser a registrable transfer for the 1 lot in favour of the purchaser as 2 provided under section 49B; and 3 (4) Section 49(2)(f) and (g)-- 4 omit, insert-- 5 (f) be signed by the original proprietor. 6 (5) Section 49(3)-- 7 omit, insert-- 8 (3) The disclosure statement must be substantially 9 complete. 10 (3A) The original proprietor does not fail to comply 11 with subsection (1) merely because the disclosure 12 statement, although substantially complete as at 13 the day the contract is entered into, contains 14 inaccuracies. 15 (6) Section 49(4), from `before' to `(2)'-- 16 omit, insert-- 17 before the contract for the sale of a lot or proposed lot 18 is settled, the disclosure statement 19 (7) Section 49(4), from `(forthwith'-- 20 omit, insert-- 21 (at least 21 days before the contract is settled) to the 22 purchaser a further statement (the further statement), 23 that rectifies the inaccuracy. 24 (8) Section 49(4A) to (6)-- 25 omit, insert-- 26 (4A) The further statement must-- 27 (a) be signed by the original proprietor; and 28 (b) to the extent, if any, the further statement 29 rectifies inaccuracies in the disclosure 30 Page 47

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 29] plan--be certified as accurate by a cadastral 1 surveyor. 2 (4B) The purchaser may avoid the contract if-- 3 (a) it has not already been settled; and 4 (b) the purchaser would be materially 5 prejudiced, if compelled to complete the 6 contract, given the extent to which the 7 disclosure statement was, or has become, 8 inaccurate; and 9 (c) the avoidance is effected by written notice 10 given to the original proprietor within 21 11 days, or a longer period agreed between the 12 purchaser and original proprietor, after the 13 original proprietor gives the purchaser the 14 further statement. 15 (4C) Subsections (4) to (4B) continue to apply after a 16 further statement is given on the basis that the 17 disclosure statement under subsection (1) is taken 18 to be constituted by the disclosure statement and 19 any further statement. 20 (5) If the original proprietor fails to give the 21 purchaser a disclosure statement in compliance in 22 every respect with subsections (1) to (3) or a 23 further statement, the purchaser may avoid the 24 contract by written notice given to the original 25 proprietor if-- 26 (a) the contract has not already been settled; 27 and 28 (b) for a failure to give a further statement under 29 subsection (4)--the purchaser would be 30 materially prejudiced if compelled to 31 complete the contract, given the extent to 32 which the disclosure statement was, or has 33 become, inaccurate. 34 (6) If the purchaser avoids a contract under this 35 section, the original proprietor must, within 14 36 Page 48

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] days after the avoidance, repay to the 1 purchaser-- 2 (a) any amount paid to the original proprietor 3 towards the purchase of the lot or proposed 4 lot; and 5 (b) any interest accrued on the amount since it 6 was paid. 7 (6A) However, if the amount or interest is held by an 8 entity in a trust account kept as required under an 9 Act, the requirement under subsection (6) applies 10 subject to compliance with the law governing the 11 entity's trust account. 12 (6B) An amount repayable under subsection (6) may 13 be recovered as a debt. 14 (9) Section 49(7), `(5B)'-- 15 omit, insert-- 16 (5) 17 (10) Section 49(8) and (10)-- 18 omit. 19 Clause 30 Replacement of s 49A (Interpretation of awareness in s 20 49(5)) 21 Section 49A-- 22 omit, insert-- 23 49A Disclosure plan requirements 24 (1) A disclosure plan may comprise 1 or more 25 documents that contain-- 26 (a) for a proposed lot intended to be shown on a 27 building units plan--the building units 28 particulars; or 29 Page 49

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] (b) for a proposed lot intended to be shown on a 1 group titles plan--the group titles 2 particulars. 3 Example of a document that may comprise or form part of 4 a disclosure plan-- 5 a draft plan of survey 6 (2) A disclosure plan must be prepared by a cadastral 7 surveyor. 8 (3) In this section-- 9 appropriate contour intervals means contour 10 intervals of not more than-- 11 (a) for a proposed lot of not more than 12 2000m2--50cm in height; or 13 (b) for a proposed lot of more than 14 2000m2--1m in height. 15 building units particulars, for a proposed lot 16 intended to be shown on a building units plan, 17 means the following-- 18 (a) the proposed number of the lot; 19 (b) the total area of the lot; 20 (c) identification of any parts of the lot 21 proposed to be outside the proposed primary 22 structure in which the lot is to be contained, 23 including any proposed balcony, courtyard 24 or carport; 25 Example of a primary structure-- 26 a high-rise apartment building 27 (d) the floor level on which the lot is proposed 28 to be located; 29 (e) identification of other lots and common 30 property proposed to be on the same floor 31 level in the proposed primary structure in 32 which the lot is to be contained; 33 Page 50

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] (f) identification of the proposed orientation of 1 the lot by reference to north. 2 existing surface contours, of a proposed lot 3 intended to be shown on a group titles plan, 4 means the surface contours of the lot at the time 5 the disclosure plan for the lot is prepared. 6 group titles particulars, for a proposed lot 7 intended to be shown on a group titles plan, 8 means the following-- 9 (a) the proposed number of the lot; 10 (b) a description of the dimensions of the lot as 11 bearings and distances; 12 (c) if the original proprietor of the lot intends 13 that a building be constructed on the lot-- 14 (i) the location of the building on the lot; 15 and 16 (ii) the total area, and number of levels, of 17 the building; and 18 (iii) identification of any features proposed 19 to be constructed on the lot, including, 20 for example, any proposed driveway, 21 carport, courtyard or pergola; 22 (d) identification of the proposed orientation of 23 the lot by reference to north; 24 (e) if there is operational work for the lot-- 25 (i) contour maps of the lot showing the 26 surface contours, with appropriate 27 contour intervals, as at the completion 28 of the work; and 29 (ii) the location and height of any retaining 30 walls that are part of the work; and 31 (iii) the areas of the lot to be cut or filled as 32 part of the work; and 33 Page 51

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] (iv) information about any fill that is part of 1 the work, including the depth of the fill 2 and compaction rates; 3 (f) if there is no operational work for the 4 lot--contour maps of the lot showing the 5 existing surface contours, with appropriate 6 contour intervals. 7 49B Avoiding contract if purchaser not given 8 registrable transfer within particular period 9 (1) This section applies if, other than because of the 10 purchaser's default, the original proprietor for a 11 proposed lot has not unconditionally given the 12 purchaser a registrable transfer for the proposed 13 lot in the purchaser's favour before-- 14 (a) if the contract provides for when the original 15 proprietor must give the purchaser a 16 registrable transfer (the sunset date), the 17 earlier of the following-- 18 (i) the end of the sunset date; 19 (ii) the end of 51/2 years after the day the 20 contract was entered into by the 21 purchaser; or 22 (b) otherwise--the end of 31/2 years after the 23 day the contract was entered into by the 24 purchaser. 25 Note-- 26 See section 139 for the particular circumstances in 27 which the period prescribed in subsection (1)(b) is 28 changed. 29 (2) The purchaser may avoid the contract for the sale 30 of the proposed lot by a signed written notice of 31 avoidance given to the original proprietor before 32 the original proprietor gives the purchaser a 33 Page 52

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] registrable transfer for the proposed lot in the 1 purchaser's favour. 2 Subdivision 2 Amounts held in trust 3 accounts and security 4 instruments 5 49C Definitions for sdiv 2 6 In this subdivision-- 7 law practice means any of the following, within 8 the meaning of the Legal Profession Act 2007, 9 that has an office in Queensland-- 10 (a) an Australian legal practitioner who is a sole 11 practitioner but not a barrister under that 12 Act; 13 (b) a law firm; 14 (c) an incorporated legal practice; 15 (d) a multi-disciplinary partnership. 16 prescribed trust account, for a recognised entity, 17 means-- 18 (a) if the recognised entity is a law practice--a 19 trust account kept by the practice under the 20 Legal Profession Act 2007; or 21 (b) if the recognised entity is the public 22 trustee--a common fund held by the public 23 trustee under the Public Trustee Act 1978; or 24 (c) if the recognised entity is a real estate 25 agent--a trust account kept by the agent 26 under the Agents Financial Administration 27 Act 2014. 28 real estate agent means a real estate agent 29 carrying on business as a real estate agent under 30 the Property Occupations Act 2014. 31 Page 53

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] recognised entity means-- 1 (a) a law practice; or 2 (b) the public trustee; or 3 (c) a real estate agent. 4 49D Payment of particular amounts 5 This subdivision applies to the following amounts-- 6 (a) an amount paid towards the purchase of a 7 proposed lot under a contract for the sale of 8 the lot (excluding an amount the payment of 9 which entitles the purchaser to a registrable 10 transfer in the purchaser's favour); 11 (b) an amount paid under another instrument 12 (whether legally binding or not) relating to 13 the sale of a proposed lot. 14 Examples of instruments for paragraph (b)-- 15 � an option to purchase 16 � an instrument providing for an expression of 17 interest 18 49E Amounts paid under s 49D to be held in 19 prescribed trust account 20 (1) The person to whom the amount is paid must pay 21 the amount directly to-- 22 (a) if the contract or instrument states the 23 amount is to be paid to either of the 24 following recognised entities, the 25 recognised entity-- 26 (i) a law practice at its office in 27 Queensland; 28 (ii) a real estate agent carrying on the 29 business of a real estate agent; or 30 Page 54

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] (b) if paragraph (a) does not apply, the public 1 trustee. 2 Maximum penalty--200 penalty units or 1 year's 3 imprisonment. 4 (2) An amount paid to a recognised entity mentioned 5 in subsection (1)(a) or (b) must be-- 6 (a) held by the entity in a prescribed trust 7 account; and 8 (b) dealt with by the entity in accordance with 9 this subdivision and the law governing the 10 operation of the entity's prescribed trust 11 account. 12 Maximum penalty--200 penalty units or 1 year's 13 imprisonment. 14 (3) An amount paid to a law practice under this 15 section is taken to be trust money under the Legal 16 Profession Act 2007, part 3.3. 17 49F Disposal of amount held in prescribed trust 18 account 19 (1) A recognised entity that is paid an amount under 20 section 49E(1) must hold the amount in the 21 entity's prescribed trust account until a party to 22 the contract or instrument becomes entitled, 23 under this division or otherwise according to law, 24 to a repayment or payment of the amount. 25 Maximum penalty--200 penalty units or 1 year's 26 imprisonment. 27 (2) On a party becoming entitled to a repayment or 28 payment of the amount, the recognised entity 29 must dispose of the amount in accordance with 30 the law governing the operation of the entity's 31 prescribed trust account. 32 Page 55

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] Maximum penalty--200 penalty units or 1 year's 1 imprisonment. 2 (3) Subsections (1) and (2) apply despite anything in 3 the contract or instrument under which the 4 amount was paid to the entity. 5 49G Investment of amount held in prescribed trust 6 account 7 (1) A recognised entity that holds an amount paid 8 under section 49E(1) in a prescribed trust account 9 may invest the amount if-- 10 (a) either of the following applies-- 11 (i) the contract or instrument authorises 12 the investment; 13 (ii) the parties to the contract or instrument 14 give the entity their consent to the 15 investment by signed written notice; 16 and 17 (b) the investment is carried out in accordance 18 with the law governing the operation of the 19 prescribed trust account. 20 (2) An amount invested as mentioned in subsection 21 (1) is taken to be an amount in the prescribed 22 trust account. 23 (3) Any proceeds of an investment of an amount as 24 mentioned in subsection (1) must be paid into the 25 prescribed trust account, unless the proceeds are 26 further invested as mentioned in subsection (1). 27 Maximum penalty for subsection (3)--200 28 penalty units or 1 year's imprisonment. 29 49H Security instruments 30 (1) This section applies if a recognised entity 31 receives, on behalf of the original proprietor of a 32 Page 56

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 30] proposed lot, an instrument from the purchaser as 1 security for the payment of an amount under the 2 contract for the sale of the lot. 3 Example of an instrument for subsection (1)-- 4 bank guarantee 5 (2) The recognised entity must keep the instrument 6 at the prescribed place until-- 7 (a) the instrument is returnable to the purchaser 8 according to law; or 9 (b) the instrument is given to the issuer of the 10 security in exchange for the amount it 11 secures. 12 Maximum penalty--200 penalty units or 1 year's 13 imprisonment. 14 (3) The amount given in exchange for the instrument 15 under subsection (2)(b) is trust money. 16 (4) The amount given must be-- 17 (a) held by the recognised entity who held the 18 instrument in the entity's prescribed trust 19 account; and 20 (b) dealt with by the recognised entity in 21 accordance with this division and the law 22 governing the operation of the entity's 23 prescribed trust account. 24 Maximum penalty--200 penalty units or 1 year's 25 imprisonment. 26 (5) In this section-- 27 prescribed place means-- 28 (a) for a recognised entity that is a law 29 practice--an office of the practice in 30 Queensland; or 31 Page 57

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 31] (b) for a recognised entity that is the public 1 trustee--an office of the public trustee in 2 Queensland; or 3 (c) for a recognised entity that is a real estate 4 agent--the office of the real estate agency in 5 which the agent carries on the business of a 6 real estate agent. 7 Subdivision 3 Evidence 8 49I Evidentiary provision 9 In a proceeding for an offence against this division, a 10 copy of a contract or other instrument purporting to 11 relate to the sale or purchase of a proposed lot and 12 produced on behalf of the complainant is admissible in 13 evidence as if it were the original contract or 14 instrument. 15 Clause 31 Insertion of new s 133A 16 After section 133-- 17 insert-- 18 133A Responsibility for acts or omissions of 19 representative 20 (1) This section applies in a proceeding for an 21 offence against this Act. 22 (2) If it is relevant to prove a person's state of mind 23 about a particular act or omission, it is enough to 24 show-- 25 (a) the act was done or omitted to be done by a 26 representative of the person within the scope 27 of the representative's actual or apparent 28 authority; and 29 (b) the representative had the state of mind. 30 Page 58

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 32] (3) An act done or omitted to be done for a person by 1 a representative of the person within the scope of 2 the representative's actual or apparent authority is 3 taken to have been done or omitted to be done 4 also by the person, unless the person proves the 5 person could not, by the exercise of reasonable 6 diligence, have prevented the act or omission. 7 (4) In this section-- 8 representative means-- 9 (a) of an individual--an employee or agent of 10 the individual; or 11 (b) of an unincorporated body--a member of 12 the body, or an employee or agent of the 13 body; or 14 (c) of a partnership--a partner, employee or 15 agent of the partnership; or 16 (d) of a corporation--an executive officer, 17 employee or agent of the corporation. 18 state of mind, of a person, includes-- 19 (a) the person's knowledge, intention, opinion, 20 belief or purpose; and 21 (b) the person's reasons for the intention, 22 opinion, belief or purpose. 23 Clause 32 Amendment of pt 7, hdg (Additional transitional 24 provision) 25 Part 7, heading, `provision'-- 26 omit, insert-- 27 provisions 28 Clause 33 Insertion of new pt 7, div 1, hdg 29 Part 7, before section 135-- 30 Page 59

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 34] insert-- 1 Division 1 Transitional provision for 2 Audit Legislation 3 Amendment Act 2006 4 Clause 34 Insertion of new pt 7, div 2 5 Part 7, after section 135-- 6 insert-- 7 Division 2 Transitional provisions for 8 Land Sales and Other 9 Legislation Amendment 10 Act 2014 11 136 Definitions for div 2 12 In this division-- 13 amendment Act means the Land Sales and Other 14 Legislation Amendment Act 2014. 15 commencement means the commencement of 16 this division. 17 contract, for the purchase of a proposed lot, 18 means a contract, agreement or other document 19 legally binding or intended to bind a purchaser in 20 relation to the purchase. 21 137 Application of s 48G 22 Section 48G applies only in relation to a grant of an 23 option to purchase a proposed lot entered into after the 24 commencement. 25 Page 60

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 34] 138 Application of s 49 1 (1) Section 49 as in force before the commencement 2 continues to apply in relation to a contract for the 3 purchase of a proposed lot entered into before the 4 commencement as if the amendment Act had not 5 been enacted. 6 (2) Section 49 as in force after the commencement 7 applies only in relation to a contract for the 8 purchase of a proposed lot entered into after the 9 commencement. 10 139 Application, and modified application, of s 49B 11 (1) Section 49B applies only in relation to a contract 12 for the sale of a proposed lot entered into by a 13 purchaser after the commencement. 14 (2) However, section 49B as modified under 15 subsection (3) applies in relation to the contract 16 for the sale of the proposed lot if-- 17 (a) the proposed lot is a proposed lot mentioned 18 in the Land Sales Regulation 2000, schedule 19 2 as in force immediately before the repeal 20 of that regulation; and 21 Note-- 22 Under old LSA, section 28, a period could be 23 prescribed by regulation for giving a registrable 24 instrument for a proposed lot. 25 (b) the contract does not provide for when the 26 original proprietor must give the purchaser a 27 registrable transfer; and 28 (c) before the contract is entered into, the 29 original proprietor gives the purchaser 30 written notice stating-- 31 (i) the period within which the original 32 proprietor must give the purchaser a 33 registrable transfer for the proposed lot 34 Page 61

Land Sales and Other Legislation Amendment Bill 2014 Part 5 Amendment of Building Units and Group Titles Act 1980 [s 34] is extended as provided for under the 1 Building Units and Group Titles Act 2 1980, sections 49B and 139; and 3 (ii) the period within which the seller must 4 give the buyer a registrable transfer. 5 (3) Section 49B is modified by omitting subsection 6 (1)(b) and inserting the following-- 7 (b) if the contract does not provide for 8 when the original proprietor must give 9 the purchaser a registrable 10 transfer--the end of the period 11 prescribed in the repealed Land Sales 12 Regulation 2000, schedule 2 worked 13 out from the day the contract was 14 entered into. 15 (4) Without limiting the ways the original proprietor 16 may comply with subsection (2)(c), it is 17 sufficient compliance with the provision if the 18 information mentioned in the provision is 19 included in the disclosure statement given to the 20 purchaser under section 49. 21 (5) In this section-- 22 old LSA, section 28 means section 28 of the 23 Land Sales Act 1984 as in force immediately 24 before the commencement. 25 140 Application of pt 4, div 3, sdiv 2 26 Part 4, division 3, subdivision 2 applies only in 27 relation to amounts paid under a contract for the sale 28 of a proposed lot entered into after the 29 commencement. 30 141 Continuing application of old LSA, part 3 31 (1) Old LSA, part 3 continues to apply in relation to 32 a contract for the sale of a proposed lot entered 33 Page 62

Land Sales and Other Legislation Amendment Bill 2014 Part 6 Amendment of Fair Trading Inspectors Act 2014 [s 35] into before the commencement as if the 1 amendment Act had not been enacted. 2 (2) In this section-- 3 old LSA, part 3 means part 3 of the Land Sales 4 Act 1984 as in force at any relevant time before 5 the commencement. 6 Part 6 Amendment of Fair Trading 7 Inspectors Act 2014 8 Clause 35 Act amended 9 This part amends the Fair Trading Inspectors Act 2014. 10 Clause 36 Amendment of s 4 (Operation of Act) 11 Section 4(1)-- 12 insert-- 13 (aa) Body Corporate and Community 14 Management Act 1997, chapter 5, part 2, 15 division 5, subdivisions 2 and 3; 16 (ab) Building Units and Group Titles Act 1980, 17 part 4, division 3, subdivision 2; 18 (la) South Bank Corporation Act 1989, part 9A, 19 divisions 5 and 6; 20 Page 63

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 37] Part 7 Amendment of Land Sales Act 1 1984 2 Clause 37 Act amended 3 This part amends the Land Sales Act 1984. 4 Clause 38 Amendment of s 2 (Objects of Act) 5 Section 2(c), `proposed allotments and'-- 6 omit. 7 Clause 39 Replacement of s 5 (Application of Act) 8 Section 5-- 9 omit, insert-- 10 3 Application of Act generally 11 (1) This Act applies to the sale of a proposed lot if, 12 when the proposed lot becomes a lot, it will be 13 situated in Queensland. 14 (2) For subsection (1), it does not matter where the 15 contract for the sale was entered into. 16 (3) This Act does not apply to the sale of a proposed 17 lot if-- 18 (a) the sale is part of a large transaction; or 19 (b) the sale arises from the reconfiguration of 20 land into not more than 5 lots. 21 (4) In this section-- 22 large transaction means the sale of 6 or more 23 proposed lots if-- 24 (a) the seller of each proposed lot is the same 25 person; and 26 Page 64

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 40] (b) the buyer of each proposed lot is the same 1 person; and 2 (c) the sale is the subject of-- 3 (i) a single contract; or 4 (ii) 2 or more contracts entered into within 5 24 hours. 6 reconfiguration, in relation to land, means 7 reconfiguration by subdivision or amalgamation. 8 4 Act does not apply to particular State 9 leasehold land 10 (1) A regulation may declare that, subject to any 11 stated conditions, this Act does not apply to the 12 whole or part of land the subject of-- 13 (a) a stated miners homestead under the Land 14 Act 1994, chapter 8, part 7, division 2; or 15 (b) a stated lease or a stated class of lease under 16 the Land Act 1994. 17 (2) If a person contravenes a condition to which a 18 declaration under subsection (1) is subject, the 19 Supreme Court may, on the application of a buyer 20 under a contract for the sale of a proposed lot to 21 which the declaration relates, order the person to 22 comply with the condition. 23 Clause 40 Renumbering of s 5A (Relationship with Fair Trading 24 Inspectors Act 2014) 25 Section 5A-- 26 renumber as section 5. 27 Clause 41 Amendment of s 6 (Definitions) 28 (1) Section 6, definitions agreement, allotment, approved form, 29 building units plan, compliance permit, development permit, 30 Page 65

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 41] disclosure plan, disclosure statement, group titles plan, 1 leasehold building units plan, lot, PDA development approval, 2 PDA development condition, plan, proposed allotment, 3 proposed lot, purchase, real estate agent, registered lot, 4 registrable instrument of transfer, registrar, sell and vendor's 5 agent-- 6 omit. 7 (2) Section 6-- 8 insert-- 9 buyer, of a proposed lot, means a person who 10 signs a contract for the sale of the lot intended to 11 bind the person (absolutely or conditionally) to 12 buy the lot. 13 law practice means any of the following, within 14 the meaning of the Legal Profession Act 2007, 15 that has an office in Queensland-- 16 (a) an Australian legal practitioner who is a sole 17 practitioner but not a barrister under that 18 Act; 19 (b) a law firm; 20 (c) an incorporated legal practice; 21 (d) a multi-disciplinary partnership. 22 lot-- 23 (a) means land the boundaries of which are 24 shown on a plan of survey registered under 25 the Land Act 1994 or Land Title Act 1994; 26 but 27 (b) does not include a lot to which any of the 28 following Acts apply-- 29 (i) the Body Corporate and Community 30 Management Act 1997; 31 (ii) the Building Units and Group Titles Act 32 1980; 33 Page 66

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 41] (iii) the South Bank Corporation Act 1989. 1 prescribed trust account, for part 2, division 4, 2 see section 15. 3 proposed lot-- 4 (a) means land that will become a lot on the 5 registration of a plan of survey under the 6 Land Act 1994 or Land Title Act 1994; but 7 (b) does not include a proposed lot to which any 8 of the following Acts apply-- 9 (i) the Body Corporate and Community 10 Management Act 1997; 11 (ii) the Building Units and Group Titles Act 12 1980; 13 (iii) the South Bank Corporation Act 1989. 14 public trustee means the public trustee under the 15 Public Trustee Act 1978. 16 real estate agent means a real estate agent 17 carrying on business as a real estate agent under 18 the Property Occupations Act 2014. 19 recognised entity, for part 2, division 4, see 20 section 15. 21 registrable transfer, for a lot, means an 22 instrument of transfer of the lot capable of 23 immediate registration in the relevant register 24 under the Land Act 1994 or Land Title Act 1994, 25 subject to the instrument being properly stamped 26 under the Duties Act 2001. 27 seller, of a proposed lot, means a person who 28 signs a contract for the sale of the lot intended to 29 bind the person (absolutely or conditionally) to 30 sell the lot. 31 (3) Section 6, `In this Act--'-- 32 omit, insert-- 33 Page 67

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 42] The dictionary in schedule 1 defines particular terms 1 used in this Act. 2 (4) Section 6, all definitions, as amended by this Act-- 3 relocate to schedule 1 as inserted by this Act. 4 Clause 42 Omission of s 6A (Meaning of purchaser) 5 Section 6A-- 6 omit. 7 Clause 43 Replacement of pt 2 (Sale of proposed allotments) 8 Part 2-- 9 omit, insert-- 10 Part 2 Sale of proposed lots 11 Division 1 Preliminary 12 7 References to things done by or in relation to 13 buyer or seller 14 (1) This section applies in relation to a provision of 15 this part that refers to-- 16 (a) a thing required or permitted to be done by 17 or in relation to a buyer or seller of a lot or 18 proposed lot; or 19 (b) a thing having been done by or in relation to 20 a buyer or seller of a lot or proposed lot. 21 (2) The thing may be done, or the thing may have 22 been done, by or in relation to the buyer or seller 23 either-- 24 (a) personally; or 25 Page 68

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 43] (b) through an agent who is authorised to act for 1 the buyer or seller in relation to the thing. 2 8 Restriction on selling State leasehold land 3 (1) A person may sell a proposed lot that is State 4 leasehold land, other than a development lease, 5 only if-- 6 (a) the chief executive under the Land Act 1994 7 has made a subdivision offer for the 8 proposed subdivision of the lot under 9 section 176A of that Act; and 10 (b) the lessee of the land has accepted the 11 subdivision offer as mentioned in the Land 12 Act 1994, section 176F. 13 Maximum penalty--200 penalty units or 1 year's 14 imprisonment. 15 (2) A person may sell a proposed lot that is a 16 development lease only if the Minister has 17 consented, under the Land Act 1994, section 18 290J, to a plan of subdivision for the 19 development lease dividing the development 20 lease into proposed lots. 21 Maximum penalty--200 penalty units or 1 year's 22 imprisonment. 23 (3) A contract for the sale of a proposed lot entered 24 into in contravention of subsection (1) or (2) is 25 void. 26 (4) Any person who paid an amount under a contract 27 mentioned in subsection (3) may recover the 28 amount, together with any interest accrued on the 29 amount since it was paid, as a debt from the 30 person to whom the amount was paid. 31 (5) In this section-- 32 Page 69

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 43] development lease means an existing 1 development lease issued under the Land Act 2 1962, part 9, division 1 that is taken to be a term 3 lease under the Land Act 1994, section 476. 4 Division 2 Disclosure requirements 5 9 Application of div 2 if option granted 6 (1) Subsection (2) applies if a person (the seller) 7 grants an option to purchase a proposed lot (the 8 option) to another person (the buyer). 9 (2) The seller may comply with section 10(1) when 10 granting the option to purchase the proposed lot. 11 (3) For subsection (2), section 10(1) is to be read as 12 if a reference to a contract for the sale of the 13 proposed lot being entered into were a reference 14 to an option to purchase the proposed lot being 15 granted. 16 (4) If the seller and buyer enter into a contract (the 17 sale contract) for the sale of the proposed lot 18 arising from the option, and the seller complied 19 with section 10(1) as provided under subsection 20 (2) of this section-- 21 (a) section 10(1) does not require the seller to 22 again give the documents mentioned in 23 section 10(1)(a) or (b) to the buyer; and 24 (b) the documents given under section 10(1)(a) 25 or (b) in relation to the option are taken to 26 have been given in relation to the option and 27 the sale contract; and 28 (c) any right of termination under this division 29 relating to the giving of the documents 30 applies in relation to the option and the sale 31 contract. 32 Page 70

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 43] (5) If the buyer is not a party to the contract arising 1 from the option, the seller must comply with 2 section 10 before entering into the contract. 3 10 Documents to be given by seller to buyer 4 (1) The seller of a proposed lot must give the 5 proposed buyer of the lot, before the proposed 6 buyer enters into a contract for the sale of the 7 lot-- 8 (a) a disclosure plan and disclosure statement 9 for the proposed lot; or 10 (b) a copy of the plan of survey for the proposed 11 lot approved by the relevant local 12 government under the Planning Act or by 13 MEDQ under the Economic Development 14 Act. 15 (2) The seller of a proposed lot does not fail to give 16 the buyer a disclosure plan or disclosure 17 statement under subsection (1)(a) merely because 18 the plan or statement, although substantially 19 complete as at the day the contract is entered 20 into, contains inaccuracies. 21 (3) If the seller of a proposed lot fails to comply with 22 subsection (1), the buyer may terminate the 23 contract for the sale of the lot by written notice 24 given to the seller before the contract is settled. 25 (4) In this section-- 26 disclosure plan means a disclosure plan 27 complying with section 11. 28 disclosure statement means a disclosure 29 statement complying with section 12. 30 Page 71

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 43] 11 Requirements for disclosure plan 1 (1) A disclosure plan may comprise 1 or more 2 documents and must include the relevant lot 3 particulars for the proposed lot. 4 (2) A disclosure plan must be prepared by a cadastral 5 surveyor. 6 Example of a document that may comprise or form part of 7 a disclosure plan-- 8 a draft plan of survey 9 (3) The disclosure plan must be substantially 10 complete. 11 (4) In this section-- 12 appropriate contour intervals means contour 13 intervals of not more than-- 14 (a) for a proposed lot of not more than 15 2000m2--50cm in height; or 16 (b) for a proposed lot of more than 17 2000m2--1m in height. 18 existing surface contours, of a proposed lot for 19 which there is no operational work, means the 20 surface contours of the lot at the time the 21 disclosure plan for the lot is prepared. 22 relevant lot particulars, for a proposed lot, 23 means the following-- 24 (a) the proposed number of the lot; 25 (b) the total area of the lot; 26 (c) a description of the dimensions of the lot as 27 bearings and distances; 28 (d) identification of the proposed orientation of 29 the lot by reference to north; 30 (e) if there is operational work for the lot-- 31 Page 72

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 43] (i) contour maps of the lot showing the 1 surface contours, with appropriate 2 contour intervals, as at the completion 3 of the work; and 4 (ii) the location and height of any retaining 5 walls forming part of the work; and 6 (iii) the areas of the lot to be cut or filled as 7 part of the work; and 8 (iv) information about any fill that is part of 9 the work, including the depth of the fill 10 and compaction rates; 11 (f) if there is no operational work for the 12 lot--contour maps of the lot showing the 13 existing surface contours, with appropriate 14 contour intervals. 15 12 Requirements for disclosure statement 16 (1) A disclosure statement for a proposed lot must be 17 signed by the seller and state the following-- 18 (a) that the seller has given the buyer a 19 disclosure plan for the proposed lot under 20 section 10; 21 (b) whether a development approval has been 22 granted for-- 23 (i) reconfiguring a lot for the proposed lot; 24 or 25 (ii) any operational work for the proposed 26 lot; 27 (c) that the seller must give the buyer-- 28 (i) the registrable transfer for the proposed 29 lot not later than 18 months after the 30 buyer enters into the contract for the 31 sale of the lot; and 32 Page 73

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 43] (ii) any other documents required to be 1 given to the buyer under section 14(3) 2 at least 14 days before the contract is 3 settled. 4 (2) The disclosure statement must be substantially 5 complete. 6 (3) In this section-- 7 development approval means-- 8 (a) a compliance permit or development permit 9 under the Planning Act; or 10 (b) a PDA development approval under the 11 Economic Development Act. 12 13 Variation of disclosure plan by further 13 statement 14 (1) This section applies if the contract for the sale of 15 a proposed lot has not been settled and-- 16 (a) the seller becomes aware that information in 17 the disclosure plan was inaccurate as at the 18 day the contract was entered into; or 19 (b) the disclosure plan would not be accurate if 20 now given as a disclosure plan. 21 (2) The seller must, at least 21 days before the 22 contract is settled, give the buyer a further 23 document (the further statement)-- 24 (a) rectifying the information in the disclosure 25 plan; and 26 (b) explaining, in plain English, the differences 27 between the information in the disclosure 28 plan and the information in the further 29 statement. 30 Example-- 31 The depth of fill required for the lot has changed from that 32 disclosed in the disclosure plan. The further statement 33 Page 74

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 43] must rectify the information by indicating the new depth 1 of fill and explain, in plain English, that the depth of fill 2 has changed and identify what the new depth of fill is. 3 (3) The further statement must be-- 4 (a) signed by the seller; and 5 (b) prepared by a cadastral surveyor. 6 (4) The buyer may terminate the contract if-- 7 (a) it has not already been settled; and 8 (b) the buyer would be materially prejudiced, if 9 compelled to complete the contract, given 10 the extent to which the disclosure plan was, 11 or has become, inaccurate; and 12 (c) the termination is effected by written notice 13 given to the seller within 21 days, or a 14 longer period agreed between the buyer and 15 seller, after the seller gives the buyer the 16 further statement. 17 (5) Subsections (1) to (4) continue to apply after the 18 further statement is given on the basis that the 19 disclosure plan is taken to be constituted by the 20 disclosure plan and any further statement. 21 (6) If the seller fails to comply with this section, the 22 buyer may terminate the contract by written 23 notice given to the seller if-- 24 (a) the contract has not already been settled; 25 and 26 (b) the buyer would be materially prejudiced, if 27 compelled to complete the contract, given 28 the extent to which the disclosure statement 29 was, or has become, inaccurate. 30 Page 75

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 43] Division 3 Registrable transfers 1 14 Buyer must be given registrable transfer and 2 other documents 3 (1) The seller of a proposed lot must give the buyer 4 of the lot a registrable transfer for the lot not later 5 than 18 months after the buyer enters into the 6 contract for the sale of the lot. 7 (2) Subsection (3) applies if the seller of a proposed 8 lot does not give the buyer a copy of the plan of 9 survey for the proposed lot, approved by the 10 relevant local government under the Planning 11 Act or by MEDQ under the Economic 12 Development Act, before the buyer enters the 13 contract for the sale of the lot. 14 (3) The seller must give the buyer of the proposed 15 lot, at least 14 days before the contract is 16 settled-- 17 (a) a copy of the plan of survey for the lot 18 registered under the Land Act 1994 or Land 19 Title Act 1994 (registered plan); and 20 (b) if there are no differences between the 21 information contained in the registered plan 22 and the information contained in the 23 disclosure plan for the lot given to the buyer 24 under section 10--a statement prepared by a 25 cadastral surveyor to that effect. 26 Note-- 27 If there are differences between the information contained 28 in the disclosure plan for the lot given to the buyer under 29 section 10 and the information contained in the registered 30 plan, the differences must be disclosed and explained to 31 the buyer in a further statement given to the buyer under 32 section 13. 33 (4) If the seller fails to comply with subsection (1) or 34 (3), other than because of the buyer's default, the 35 Page 76

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 43] buyer may terminate the contract for the sale of 1 the proposed lot by written notice given to the 2 seller before the contract is settled. 3 Division 4 Amounts held in trust 4 accounts 5 15 Definitions for div 4 6 In this division-- 7 prescribed trust account, for a recognised entity, 8 means-- 9 (a) if the recognised entity is a law practice--a 10 trust account kept by the practice under the 11 Legal Profession Act 2007; or 12 (b) if the recognised entity is the public 13 trustee--a common fund held by the public 14 trustee under the Public Trustee Act 1978; or 15 (c) if the recognised entity is a real estate 16 agent--a trust account kept by the agent 17 under the Agents Financial Administration 18 Act 2014. 19 recognised entity means any of the following-- 20 (a) a law practice; 21 (b) the public trustee; 22 (c) a real estate agent. 23 16 Payment of particular amounts 24 This division applies to the following amounts-- 25 (a) an amount paid towards the purchase of a 26 proposed lot under a contract for the sale of 27 the lot (excluding an amount the payment of 28 Page 77

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 43] which entitles the buyer to a registrable 1 transfer in the buyer's favour); 2 (b) an amount paid under another instrument 3 (whether legally binding or not) relating to 4 the sale of a proposed lot. 5 Examples of instruments for paragraph (b)-- 6 � an option to purchase 7 � an instrument providing for an expression of 8 interest 9 17 Amounts paid under s 16 to be held in 10 prescribed trust account 11 (1) The person to whom the amount is paid must pay 12 the amount directly to-- 13 (a) if the contract or instrument states the 14 amount is to be paid to either of the 15 following recognised entities, the 16 recognised entity-- 17 (i) a law practice at its office in 18 Queensland; 19 (ii) a real estate agent carrying on the 20 business of a real estate agent; or 21 (b) if paragraph (a) does not apply, the public 22 trustee. 23 Maximum penalty--200 penalty units or 1 year's 24 imprisonment. 25 (2) An amount paid to a recognised entity mentioned 26 in subsection (1)(a) or (b) must be-- 27 (a) held by the entity in a prescribed trust 28 account; and 29 (b) dealt with by the entity in accordance with 30 this division and the law governing the 31 operation of the entity's prescribed trust 32 account. 33 Page 78

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 43] Maximum penalty--200 penalty units or 1 year's 1 imprisonment. 2 (3) An amount paid to a law practice under this 3 section is taken to be trust money under the Legal 4 Profession Act 2007, part 3.3. 5 18 Disposal of amount held in prescribed trust 6 account 7 (1) A recognised entity that is paid an amount under 8 section 17(1) must hold the amount in the entity's 9 prescribed trust account until a party to the 10 contract or instrument becomes entitled, under 11 this part or otherwise according to law, to a 12 repayment or payment of the amount. 13 Maximum penalty--200 penalty units or 1 year's 14 imprisonment. 15 (2) On a party becoming entitled to a repayment or 16 payment of the amount, the recognised entity 17 must dispose of the amount in accordance with 18 the law governing the operation of the entity's 19 prescribed trust account. 20 Maximum penalty--200 penalty units or 1 year's 21 imprisonment. 22 (3) Subsections (1) and (2) apply despite anything in 23 the contract or instrument under which the 24 amount was paid to the recognised entity. 25 19 Investment of amount held in prescribed trust 26 account 27 (1) A recognised entity that holds an amount paid 28 under section 17(1) in a prescribed trust account 29 may invest the amount if-- 30 (a) either of the following applies-- 31 Page 79

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 43] (i) the contract or instrument authorises 1 the investment; 2 (ii) the parties to the contract or instrument 3 give the entity their consent to the 4 investment by signed written notice; 5 and 6 (b) the investment is carried out in accordance 7 with the law governing the operation of the 8 prescribed trust account. 9 (2) An amount invested as mentioned in subsection 10 (1) is taken to be an amount in the prescribed 11 trust account. 12 (3) Any proceeds of an investment of an amount as 13 mentioned in subsection (1) must be paid into the 14 prescribed trust account, unless the proceeds are 15 further invested as mentioned in subsection (1). 16 Maximum penalty for subsection (3)--200 17 penalty units or 1 year's imprisonment. 18 Division 5 Other provisions 19 20 Termination under this part 20 (1) This section applies if the buyer terminates a 21 contract under this part. 22 (2) The seller must, within 14 days after the 23 termination, repay to the buyer-- 24 (a) any amount paid to the seller or the seller's 25 agent towards the purchase of the lot; and 26 (b) any interest that accrued on the amount 27 while it was held by the seller or the seller's 28 agent. 29 (3) However, if the amount or interest is held by an 30 entity in a trust account kept as required under an 31 Page 80

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 43] Act, the requirement under subsection (2) applies 1 subject to compliance with the law governing the 2 entity's trust account. 3 (4) An amount repayable under subsection (2) may 4 be recovered as a debt. 5 21 Security instruments 6 (1) This section applies if a recognised entity 7 receives, on behalf of the seller of a proposed lot, 8 an instrument from the buyer as security for the 9 payment of an amount under the contract for the 10 sale of the lot. 11 Example of an instrument for subsection (1)-- 12 bank guarantee 13 (2) The recognised entity must keep the instrument 14 at the prescribed place until-- 15 (a) the instrument is returnable to the buyer 16 according to law; or 17 (b) the instrument is given to the issuer of the 18 security in exchange for the amount it 19 secures. 20 Maximum penalty--200 penalty units or 1 year's 21 imprisonment. 22 (3) The amount given in exchange for the instrument 23 under subsection (2)(b) is trust money. 24 (4) The amount given must be-- 25 (a) held by the recognised entity who held the 26 instrument in the entity's prescribed trust 27 account; and 28 (b) dealt with by the recognised entity in 29 accordance with this part and the law 30 governing the operation of the entity's 31 prescribed trust account. 32 Page 81

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 44] Maximum penalty--200 penalty units or 1 year's 1 imprisonment. 2 (5) In this section-- 3 prescribed place means-- 4 (a) for a recognised entity that is a law 5 practice--an office of the practice in 6 Queensland; or 7 (b) for a recognised entity that is the public 8 trustee--an office of the public trustee in 9 Queensland; or 10 (c) for a recognised entity that is a real estate 11 agent--the office of the real estate agency in 12 which the agent carries on the business of a 13 real estate agent. 14 Clause 44 Omission of pt 3 (Sale of proposed lots) 15 Part 3-- 16 omit. 17 Clause 45 Renumbering of pt 4 (Miscellaneous provisions) 18 Part 4-- 19 renumber as part 3. 20 Clause 46 Replacement of s 31 (Contracting out of Act void) 21 Section 31-- 22 omit, insert-- 23 31 Contracting out prohibited 24 A contract for the sale of a proposed lot is void to the 25 extent to which it purports to exclude, restrict or 26 otherwise change the effect of a provision of this Act. 27 Page 82

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 47] Clause 47 Omission of ss 32 and 33 1 Sections 32 and 33-- 2 omit. 3 Clause 48 Replacement of s 34 (Evidentiary provision) 4 Section 34-- 5 omit, insert-- 6 34 Evidentiary provision 7 In a proceeding for an offence against this Act, a copy 8 of a contract or other instrument purporting to relate to 9 the sale or purchase of a proposed lot and produced on 10 behalf of the complainant is admissible in evidence as 11 if it were the original contract or instrument. 12 Clause 49 Omission of s 35A (Approval of forms) 13 Section 35A-- 14 omit. 15 Clause 50 Replacement of s 36 (Regulations) 16 Section 36-- 17 omit, insert-- 18 36 Regulation-making power 19 (1) The Governor in Council may make regulations 20 under this Act. 21 (2) A regulation may impose a penalty of no more 22 than 20 penalty units for contravention of a 23 regulation. 24 Clause 51 Renumbering of ss 31-36 25 Sections 31 to 36-- 26 renumber as sections 22 to 26. 27 Page 83

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 52] Clause 52 Insertion of new pt 4, hdg and pt 4, div 1, hdg 1 After section 26, as renumbered by this Act-- 2 insert-- 3 Part 4 Transitional provisions 4 Division 1 Transitional provision for 5 Sustainable Planning and 6 Other Legislation 7 Amendment Act 2012 8 Clause 53 Amendment and renumbering of s 37 (Transitional 9 provision for Sustainable Planning and Other Legislation 10 Amendment Act 2012) 11 Section 37, heading-- 12 omit, insert-- 13 27 Application of s 27 as amended by Act No. 3 of 14 2012 15 Clause 54 Insertion of new pt 4, div 2 16 After section 27, as renumbered by this Act-- 17 insert-- 18 Division 2 Transitional provisions for 19 Land Sales and Other 20 Legislation Amendment 21 Act 2014 22 Note-- 23 The following provisions provide for the continued application 24 of part 3 of this Act as in force before the commencement to 25 particular contracts for the sale of particular proposed lots-- 26 � the Body Corporate and Community Management Act 1997, 27 section 444 28 � the Building Units and Group Titles Act 1980, section 141 29 Page 84

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 54] � the South Bank Corporation Act 1989, section 140. 1 28 Definitions for div 2 2 In this division-- 3 amendment Act means the Land Sales and Other 4 Legislation Amendment Act 2014. 5 commencement means the commencement of 6 this division. 7 new, in relation to a provision, means the 8 provision as in force immediately after the 9 commencement. 10 old, in relation to a provision, means the 11 provision as in force at any relevant time before 12 the commencement. 13 29 Continuation of particular rights of 14 prosecution 15 (1) This section applies if a person is alleged to have 16 committed, before the commencement, an 17 offence against a provision of old part 2. 18 (2) Proceedings for the offence may be continued or 19 started and the court may hear and decide the 20 proceedings, as if the amendment Act had not 21 been enacted. 22 (3) This section applies despite the Criminal Code, 23 section 11. 24 30 Application of old s 8(2) 25 Old section 8(2) continues to apply in relation to an 26 agreement made in contravention of old section 8(1) 27 or (1A) before the commencement. 28 Page 85

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 54] 31 Disclosure requirements 1 (1) New part 2, division 2 applies only in relation to 2 a contract for the sale of a proposed lot entered 3 into after the commencement. 4 Note-- 5 See also section 38. 6 (2) Old sections 9 and 10 continue to apply in 7 relation to a contract for the sale of a proposed lot 8 entered into before the commencement as if the 9 amendment Act had not been enacted. 10 32 Registrable transfers 11 (1) New section 14 applies only in relation to a 12 contract for the sale of a proposed lot entered into 13 after the commencement. 14 (2) Subject to subsection (3), old section 10A 15 continues to apply after the commencement in 16 relation to a contract for the sale of a proposed lot 17 entered into before the commencement as if the 18 amendment Act had not been enacted. 19 (3) The purchaser may avoid the contract under old 20 section 10A(4) only if the vendor's contravention 21 of old section 10A arose other than because of 22 the purchaser's default. 23 33 Application of new pt 2, div 4 24 New part 2, division 4 applies only in relation to 25 amounts paid under a contract for the sale of a 26 proposed lot entered into after the commencement. 27 34 Application of old ss 11 and 12 to existing 28 contracts 29 Old sections 11 and 12 continue to apply in relation to 30 amounts paid under a contract for the sale of a 31 Page 86

Land Sales and Other Legislation Amendment Bill 2014 Part 7 Amendment of Land Sales Act 1984 [s 54] proposed lot entered into before the commencement as 1 if the amendment Act had not been enacted. 2 35 Application of old s 11A to existing contracts 3 Old section 11A continues to apply in relation to a 4 contract for the sale of a proposed lot entered into 5 before the commencement as if the amendment Act 6 had not been enacted. 7 36 Existing declarations under old s 18 8 A declaration in effect under old section 18 9 immediately before the commencement is, from the 10 commencement, taken to be a declaration under new 11 section 4. 12 37 Undecided applications under old s 19 13 An application under old section 19 that has not been 14 decided at the commencement lapses at the 15 commencement. 16 38 Application of new pt 2 if existing decision 17 about exemption 18 (1) New part 2 does not apply to the sale of a 19 proposed lot forming part of the reconfiguration 20 of land into not more than 5 lots even if the chief 21 executive-- 22 (a) refused to grant an exemption for the 23 reconfiguration under old section 19; or 24 (b) granted an exemption under old section 19 25 for the reconfiguration subject to conditions. 26 (2) In this section-- 27 reconfiguration, in relation to land, means 28 reconfiguration by subdivision or amalgamation. 29 Page 87

Land Sales and Other Legislation Amendment Bill 2014 Part 8 Amendment of Legal Profession Act 2007 [s 55] Clause 55 Insertion of new sch 1 1 After part 4-- 2 insert-- 3 Schedule 1 Dictionary 4 section 6 5 Part 8 Amendment of Legal 6 Profession Act 2007 7 Clause 56 Act amended 8 This part amends the Legal Profession Act 2007. 9 Clause 57 Amendment of pt 3.3, div 2, hdg (Trust accounts and trust 10 money) 11 Part 3.3, division 2, heading, after `money'-- 12 insert-- 13 generally 14 Clause 58 Amendment of s 249 (Holding, disbursing and 15 accounting for trust money) 16 (1) Section 249(2), from `or'-- 17 omit, insert-- 18 , division 2A or as otherwise authorised by law. 19 (2) Section 249(3), `The'-- 20 omit, insert-- 21 Subject to division 2A, the 22 Page 88

Land Sales and Other Legislation Amendment Bill 2014 Part 8 Amendment of Legal Profession Act 2007 [s 59] Clause 59 Insertion of new pt 3.3, div 2A 1 Part 3.3-- 2 insert-- 3 Division 2A Disputes about trust 4 money for sales of lots and 5 proposed lots 6 262A Application of div 2A 7 (1) This division applies if-- 8 (a) a law practice holds an amount for the sale 9 of a lot or proposed lot in the practice's trust 10 account; and 11 (b) before the amount is paid out under division 12 2, the law practice becomes aware of a 13 dispute, or considers a dispute may arise, 14 between persons having an interest in the 15 amount about entitlement to the amount. 16 (2) In subsection (1)-- 17 amount includes part of the amount. 18 lot means land the boundaries of which are 19 shown on a plan of survey-- 20 (a) registered under the Land Act 1994 or Land 21 Title Act 1994; or 22 (b) registered by the registrar of titles as 23 provided under the South Bank Corporation 24 Act 1989. 25 person, having an interest in an amount for the 26 sale of a proposed lot, does not include an entity 27 acting for a person in relation to the sale or 28 purchase of the proposed lot. 29 proposed lot means-- 30 Page 89

Land Sales and Other Legislation Amendment Bill 2014 Part 8 Amendment of Legal Profession Act 2007 [s 59] (a) a proposed lot within the meaning of the 1 Land Sales Act 1984; or 2 (b) a proposed lot within the meaning of the 3 Body Corporate and Community 4 Management Act 1997; or 5 (c) land that will be shown as a lot on a building 6 units plan or group titles plan registered 7 under the Building Units and Group Titles 8 Act 1980; or 9 Note-- 10 See the Building Units and Group Titles Act 1980, 11 section 5A about the limited operation of that Act. 12 (d) a proposed lot within the meaning of the 13 South Bank Corporation Act 1989, section 14 97B. 15 262B When amount held for sale of lot or proposed 16 lot may be paid 17 (1) This section applies if the law practice considers 18 that a person is entitled to an amount mentioned 19 in section 262A(1)(a). 20 (2) The law practice may give all persons having an 21 interest in the amount a written notice to the 22 following effect-- 23 (a) the practice considers that a stated person is 24 entitled to the amount; 25 (b) the practice is authorised, under this Act, to 26 pay the amount to the stated person on or 27 after a stated date (at least 60 days after the 28 notice is given) unless-- 29 (i) a proceeding disputing the stated 30 person's entitlement to the amount is 31 started and the practice is advised of 32 the start of the proceeding; or 33 Page 90

Land Sales and Other Legislation Amendment Bill 2014 Part 8 Amendment of Legal Profession Act 2007 [s 59] (ii) all persons having an interest in the 1 amount authorise payment of the 2 amount to the stated person before the 3 stated date. 4 (3) The practice may pay the amount to the stated 5 person if-- 6 (a) after the stated date, the law practice is 7 unaware of the start of a proceeding 8 claiming an entitlement to the amount; or 9 (b) on or before the stated date, the law practice 10 receives written notice under subsection 11 (2)(b)(ii) authorising payment of the amount 12 to the stated person. 13 (4) The practice does not contravene section 249 by 14 disbursing trust money as provided under this 15 section. 16 (5) The practice is not liable civilly or under an 17 administrative process in relation to the payment 18 of the amount as provided under this section if it 19 is subsequently found that the stated person was 20 not entitled to the amount. 21 (6) To remove any doubt, it is declared that this 22 section-- 23 (a) provides a process for the payment of an 24 amount mentioned in section 262A(1)(a); 25 and 26 (b) does not decide legal entitlement to the 27 amount or prevent a person legally entitled 28 to the amount recovering it from the person 29 to whom it was paid. 30 (7) Nothing in this section requires the practice to 31 give notice under subsection (2) if the practice 32 decides to retain the amount until payment of the 33 amount is authorised by all persons having an 34 interest in the amount or entitlement to the 35 amount is decided by the court. 36 Page 91

Land Sales and Other Legislation Amendment Bill 2014 Part 9 Amendment of Property Law Act 1974 [s 60] Part 9 Amendment of Property Law 1 Act 1974 2 Clause 60 Act amended 3 This part amends the Property Law Act 1974. 4 Clause 61 Insertion of new s 68A 5 After section 68-- 6 insert-- 7 68A Forfeiture of deposit on purchaser's default 8 (1) This section applies in relation to a contract for 9 the sale of a proposed lot. 10 (2) The contract may provide for a sum not 11 exceeding 20% of the purchase price of the 12 proposed lot paid under the contract as a deposit 13 (whether paid in 1 or more amounts) to be 14 forfeited and retained by the vendor in the event 15 of a breach of contract by the purchaser. 16 (3) However, the sum may only be forfeited or 17 retained by the vendor if the breach results in the 18 termination of the contract. 19 (4) It is declared, for this section, that a sum not 20 exceeding 20% of the purchase price of the 21 proposed lot that is paid under the contract as a 22 deposit (whether paid in 1 or more amounts) is 23 not, either at law or in equity, a penalty if the sum 24 is forfeited and retained by the vendor because 25 the contract is terminated following the 26 purchaser's breach of the contract. 27 (5) In this section-- 28 proposed lot means-- 29 (a) a proposed lot within the meaning of the 30 Land Sales Act 1984; or 31 Page 92

Land Sales and Other Legislation Amendment Bill 2014 Part 9 Amendment of Property Law Act 1974 [s 62] (b) a proposed lot within the meaning of the 1 Body Corporate and Community 2 Management Act 1997; or 3 (c) land that will be shown as a lot on a building 4 units plan or group titles plan registered 5 under the Building Units and Group Titles 6 Act 1980; or 7 Note-- 8 There is limited scope for the registration of new 9 building units plans and group titles plans under 10 the Building Units and Group Titles Act 11 1980--see section 5A of that Act. 12 (d) a proposed lot within the meaning of the 13 South Bank Corporation Act 1989, section 14 97B. 15 Clause 62 Amendment of s 71 (Definitions for div 4) 16 (1) Section 71-- 17 insert-- 18 prescribed percentage means-- 19 (a) for a contract for the sale of a proposed 20 lot--20%; or 21 (b) otherwise--10%. 22 proposed lot means-- 23 (a) a proposed lot within the meaning of the 24 Land Sales Act 1984; or 25 (b) a proposed lot within the meaning of the 26 Body Corporate and Community 27 Management Act 1997; or 28 (c) land that will be shown as a lot on a building 29 units plan or group titles plan registered 30 under the Building Units and Group Titles 31 Act 1980; or 32 Note-- 33 Page 93

Land Sales and Other Legislation Amendment Bill 2014 Part 9 Amendment of Property Law Act 1974 [s 63] There is limited scope for the registration of new 1 building units plans and group titles plans under 2 the Building Units and Group Titles Act 3 1980--see section 5A of that Act. 4 (d) a proposed lot within the meaning of the 5 South Bank Corporation Act 1989, section 6 97B. 7 (2) Section 71, definition deposit, paragraph (a), `10%'-- 8 omit, insert-- 9 the prescribed percentage 10 Clause 63 Insertion of new pt 23 11 After part 22-- 12 insert-- 13 Part 23 Transitional provisions 14 for Land Sales and 15 Other Legislation 16 Amendment Act 2014 17 354 Definitions for pt 23 18 In this part-- 19 amendment Act means the Land Sales and Other 20 Legislation Amendment Act 2014. 21 commencement means the commencement of 22 this section. 23 355 Application of s 68A 24 Section 68A applies only in relation to a contract 25 entered into after the commencement. 26 Page 94

Land Sales and Other Legislation Amendment Bill 2014 Part 10 Amendment of Property Occupations Act 2014 [s 64] 356 Existing instalment contracts 1 (1) This section applies to an instalment contract 2 entered into before the commencement. 3 (2) Part 6, division 4 as in force before the 4 commencement continues to apply in relation to 5 the instalment contract as if this Act had not been 6 amended by the amendment Act. 7 Part 10 Amendment of Property 8 Occupations Act 2014 9 Clause 64 Act amended 10 This part amends the Property Occupations Act 2014. 11 Clause 65 Amendment of s 157 (Disclosures to prospective buyer) 12 (1) Section 157(1), `Examples for paragraph (c) of persons'-- 13 omit, insert-- 14 Examples for paragraphs (d) and (e) of entities 15 (2) Section 157(2)-- 16 omit, insert-- 17 (2) However, subsection (1)(d) and (e) does not 18 apply if-- 19 (a) the entity is the residential property agent; 20 and 21 (b) the benefit is the amount the entity received, 22 receives or expects to receive by way of fee, 23 charge or commission from the seller for the 24 sale. 25 Page 95

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 66] Part 11 Amendment of South Bank 1 Corporation Act 1989 2 Clause 66 Act amended 3 This part amends the South Bank Corporation Act 1989. 4 Clause 67 Amendment of s 3 (Definitions) 5 Section 3-- 6 insert-- 7 cadastral surveyor, for part 9A, see section 97B. 8 disclosure statement, for part 9A, see section 9 97B. 10 law practice, for part 9A, see section 97B. 11 leasehold building units lot, for part 9A, see 12 section 97B. 13 lot, for part 9A, see section 97B. 14 original seller, for part 9A, see section 97B. 15 prescribed trust account, for part 9A, see section 16 97B. 17 proposed leasehold building units lot, for part 18 9A, see section 97B. 19 proposed lot, for part 9A, see section 97B. 20 public trustee, for part 9A, see section 97B. 21 real estate agent, for part 9A, see section 97B. 22 recognised entity, for part 9A, see section 97B. 23 registered, for part 9A, see section 97B. 24 registrable transfer, for part 9A, see section 97B. 25 seller, for part 9A, see section 97B. 26 Page 96

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 68] Clause 68 Amendment of s 47 (Subdivision of land by a leasehold 1 building units plan) 2 Section 47(2)-- 3 insert-- 4 Note-- 5 The modified Building Units and Group Titles Act is set 6 out in schedule 4. Part 9A also applies to land that is 7 subdivided under this section. 8 Clause 69 Insertion of new pt 9A 9 After section 97-- 10 insert-- 11 Part 9A Sale of leasehold 12 building units lots and 13 proposed lots 14 Division 1 Preliminary 15 97A Application of pt 9A 16 (1) This part applies to-- 17 (a) the granting of an option, or the entry into a 18 contract, relating to the sale of a proposed 19 lot or a leasehold building units lot by a 20 seller of the proposed lot or lot; and 21 (b) any contract for the sale of a proposed lot or 22 lot. 23 (2) Also, this part applies to the sale of a proposed 24 lot regardless of where the contract for the sale 25 was entered into if, when the proposed lot 26 becomes a lot, it will be situated in Queensland. 27 (3) Without limiting section 104, if a person is 28 required to comply with this part and another Act 29 Page 97

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] providing for the same matter as this part in 1 relation to the sale of leasehold building units lots 2 or proposed lots, this part applies to the exclusion 3 of the other Act. 4 97B Definitions for pt 9A 5 In this part-- 6 cadastral surveyor see the Surveyors Act 2003, 7 schedule 3. 8 disclosure statement means a disclosure 9 statement given under section 97F. 10 law practice means any of the following, within 11 the meaning of the Legal Profession Act 2007, 12 that has an office in Queensland-- 13 (a) an Australian legal practitioner who is a sole 14 practitioner but not a barrister under that 15 Act; 16 (b) a law firm; 17 (c) an incorporated legal practice; 18 (d) a multi-disciplinary partnership. 19 leasehold building units lot means a lot shown 20 on a registered leasehold building units plan. 21 lot means a lot, including a leasehold building 22 units lot and a stratum lot, within the corporation 23 area shown on a registered plan. 24 original seller means any person who, 25 immediately after the registration of a leasehold 26 building units plan subdividing South Bank 27 public land, is-- 28 (a) the lessee of all lots in the plan; or 29 (b) a successor or assignee of the lessee, other 30 than a genuine transferee for value of the 31 Page 98

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] lease of a lot or any successor or assignee of 1 the transferee. 2 prescribed trust account, for a recognised entity, 3 means-- 4 (a) if the recognised entity is a law practice--a 5 trust account kept by the practice under the 6 Legal Profession Act 2007; or 7 (b) if the recognised entity is the public 8 trustee--a common fund held by the public 9 trustee under the Public Trustee Act 1978; or 10 (c) if the recognised entity is a real estate 11 agent--a trust account kept by the agent 12 under the Agents Financial Administration 13 Act 2014. 14 proposed leasehold building units lot means 15 land within the corporation area that will become 16 a leasehold building units lot on the registration 17 of the plan on which it is shown. 18 proposed lot means land within the corporation 19 area that will become a lot on the registration of 20 the plan on which it is shown. 21 public trustee means the public trustee under the 22 Public Trustee Act 1978. 23 real estate agent means a real estate agent 24 carrying on business as a real estate agent under 25 the Property Occupations Act 2014. 26 recognised entity means any of the following-- 27 (a) a law practice; 28 (b) the public trustee; 29 (c) a real estate agent. 30 registered, in relation to a plan, means registered 31 by the registrar of titles as provided by this Act. 32 Page 99

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] registrable transfer, for a lot, means an 1 instrument of transfer of the lot capable of 2 immediate registration in the relevant register 3 under the Land Act 1994 or the Land Title Act 4 1994, subject to the instrument being properly 5 stamped under the Duties Act 2001. 6 seller, of a leasehold building units lot or a 7 proposed leasehold building units lot, includes an 8 original seller of the lot. 9 97C References to disclosure statement 10 (1) In this part, a reference to a disclosure statement 11 for a leasehold building units lot or a proposed lot 12 includes a reference to the prescribed documents 13 accompanying the statement for the leasehold 14 building units lot or the proposed lot. 15 (2) In this section-- 16 prescribed documents, accompanying a 17 disclosure statement, means the documents 18 mentioned in section 97F(2)(b) or (c). 19 97D References to things done by or in relation to 20 buyer or seller 21 (1) This section applies in relation to a provision in 22 this part that refers to-- 23 (a) a thing required or permitted to be done by 24 or in relation to a buyer or seller of a 25 leasehold building units lot or a proposed 26 lot; or 27 (b) a thing having been done by or in relation to 28 a buyer or seller of a leasehold building 29 units lot or a proposed lot. 30 (2) The thing may be done, or the thing may have 31 been done, by or in relation to the buyer or seller 32 either-- 33 Page 100

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (a) personally; or 1 (b) through an agent who is authorised to act for 2 the buyer or seller in relation to the thing. 3 Division 2 Statements about 4 leasehold building units 5 lots and proposed lots 6 97E Application of div 2 if option granted for 7 proposed lot 8 (1) Subsection (2) applies if a person (the grantor) 9 grants an option to purchase a proposed lot (the 10 option) to another person (the buyer). 11 (2) The grantor may comply with section 97F(1) 12 when granting the option to purchase the 13 proposed lot. 14 (3) For subsection (2), section 97F(1) is to be read as 15 if a reference to a contract for the sale of a 16 proposed lot being entered into were a reference 17 to an option to purchase the proposed lot being 18 granted. 19 (4) If the grantor and the buyer enter into a contract 20 (the sale contract) for the sale of the proposed lot 21 arising from the option, and the grantor complied 22 with section 97F(1) as provided under subsection 23 (2) of this section-- 24 (a) section 97F(1) does not require the giving of 25 another disclosure statement in relation to 26 the sale contract; and 27 (b) the disclosure statement given in relation to 28 the option is taken to have been given in 29 relation to the option and the sale contract; 30 and 31 Page 101

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (c) any right of termination under this division 1 relating to the disclosure statement applies 2 in relation to the option and the sale 3 contract. 4 (5) If the buyer is not a party to the contract arising 5 from the option, a seller of the proposed lot must 6 comply with section 97F before entering into the 7 contract. 8 97F Information to be given by seller to buyer 9 (1) Before a seller enters into a contract with another 10 person (the buyer) for the sale to the buyer of a 11 leasehold building units lot or a proposed lot, the 12 seller must give the buyer a disclosure statement. 13 (2) The disclosure statement must-- 14 (a) identify the leasehold building units lot or 15 the proposed lot; and 16 (b) if the contract is for the sale of a proposed 17 leasehold building units lot by an original 18 seller--be accompanied by a disclosure 19 plan, complying with section 97G, for the 20 proposed lot; and 21 (c) if the contract is for the sale of a leasehold 22 building units lot or a proposed leasehold 23 building units lot by an original 24 seller--include or be accompanied by the 25 matters mentioned in section 97H; and 26 (d) if the contract is for the sale of any proposed 27 lot by a seller--state the period within 28 which the seller must give the buyer a 29 registrable transfer for the lot in favour of 30 the buyer as provided under section 97J. 31 (3) The disclosure statement must be signed by the 32 seller. 33 Page 102

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (4) The disclosure statement must be substantially 1 complete. 2 (5) If the contract has not already been settled, the 3 buyer may terminate the contract if the seller has 4 not complied with subsection (1). 5 (6) The seller does not fail to comply with subsection 6 (1) merely because the disclosure statement, 7 although substantially complete as at the day the 8 contract is entered into, contains inaccuracies. 9 97G Disclosure plan requirements 10 (1) A disclosure plan may comprise 1 or more 11 documents that contain the relevant lot 12 particulars for a proposed leasehold building 13 units lot. 14 (2) A disclosure plan must be prepared by a cadastral 15 surveyor. 16 Example of a document that may comprise or form part of 17 a disclosure plan-- 18 a draft plan of survey 19 (3) In this section-- 20 relevant lot particulars, for a proposed leasehold 21 building units lot, means the following-- 22 (a) the proposed number of the lot; 23 (b) the total area of the lot; 24 (c) identification of any parts of the lot 25 proposed to be outside the proposed primary 26 structure in which the lot is to be contained, 27 including any proposed balcony, courtyard 28 or carport; 29 Example of a primary structure-- 30 a high-rise apartment building 31 Page 103

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (d) the floor level on which the lot is proposed 1 to be located; 2 (e) identification of other lots and common 3 property proposed to be on the same floor 4 level in the proposed primary structure in 5 which the lot is to be contained; 6 (f) identification of the proposed orientation of 7 the lot by reference to north. 8 97H Matters to be included in disclosure statement 9 (1) A disclosure statement must-- 10 (a) include or be accompanied by particulars 11 of-- 12 (i) for the sale of a leasehold building 13 units lot--the lot entitlement of each 14 leasehold building units lot on the 15 leasehold building units plan on which 16 the lot is shown, and the aggregate lot 17 entitlement; or 18 (ii) for the sale of a proposed leasehold 19 building units lot--the proposed lot 20 entitlement of each proposed leasehold 21 building units lot on the proposed 22 leasehold building units plan for the 23 lot, and the proposed aggregate lot 24 entitlement; and 25 (b) include or be accompanied by details of any 26 prescribed arrangement entered into in 27 relation to the relevant plan, including-- 28 (i) the terms and conditions of the 29 prescribed arrangement; and 30 (ii) the cost or estimated costs to the lessee 31 of each lot shown on the plan; and 32 Page 104

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (c) include or be accompanied by any by-laws 1 or proposed by-laws for the building and its 2 site the subject of the relevant plan; and 3 (d) include or be accompanied by any 4 management statement or proposed 5 management statement for the building and 6 its site the subject of the relevant plan. 7 (2) In this section-- 8 relevant plan means-- 9 (a) for a leasehold building units lot--the 10 leasehold building units plan on which the 11 lot is shown; or 12 (b) for a proposed leasehold building units 13 lot--the proposed leasehold building units 14 plan for the lot. 15 97I Variation of disclosure statement by further 16 statement 17 (1) This section applies if the contract for the sale of 18 a leasehold building units lot or a proposed lot 19 has not been settled and-- 20 (a) the seller becomes aware that information 21 contained in the disclosure statement was 22 inaccurate as at the day the contract was 23 entered into; or 24 (b) the disclosure statement would not be 25 accurate if now given as a disclosure 26 statement. 27 (2) The seller must, at least 21 days before the 28 contract is settled, give the buyer a further 29 statement (the further statement) rectifying the 30 inaccuracies in the disclosure statement. 31 (3) The further statement must-- 32 (a) be signed by the seller; and 33 Page 105

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (b) to the extent, if any, the further statement 1 rectifies inaccuracies in the relevant lot 2 particulars mentioned in section 97G for a 3 proposed leasehold building units lot--be 4 certified as accurate by a cadastral surveyor. 5 (4) The buyer may terminate the contract if-- 6 (a) it has not already been settled; and 7 (b) the buyer would be materially prejudiced, if 8 compelled to complete the contract, given 9 the extent to which the disclosure statement 10 was, or has become, inaccurate; and 11 (c) the termination is effected by written notice 12 given to the seller within 21 days, or a 13 longer period agreed between the buyer and 14 seller, after the seller gives the buyer the 15 further statement. 16 (5) Subsections (1) to (4) continue to apply after the 17 further statement is given on the basis that the 18 disclosure statement is taken to be constituted by 19 the disclosure statement and any further 20 statement. 21 (6) If the seller fails to comply with this section, the 22 buyer may terminate the contract by written 23 notice given to the seller if-- 24 (a) the contract has not already been settled; 25 and 26 (b) the buyer would be materially prejudiced, if 27 compelled to complete the contract, given 28 the extent to which the disclosure statement 29 was, or has become, inaccurate. 30 Page 106

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] Division 3 Registrable transfers for 1 proposed lots 2 97J Terminating contract if buyer not given 3 registrable transfer within particular period 4 (1) This section applies if, other than because of the 5 buyer's default, the seller has not unconditionally 6 given the buyer a registrable transfer for the 7 proposed lot in the buyer's favour before-- 8 (a) if the contract provides for when the seller 9 must give the buyer a registrable transfer 10 (the sunset date), the earlier of the 11 following-- 12 (i) the end of the sunset date; 13 (ii) the end of 51/2 years after the day the 14 contract was entered into by the buyer; 15 or 16 (b) otherwise--the end of 31/2 years after the 17 day the contract was entered into by the 18 buyer. 19 Note-- 20 See section 139 for the particular circumstances in 21 which the period prescribed in subsection (1)(b) is 22 changed. 23 (2) The buyer may terminate the contract for the sale 24 of the proposed lot by a signed written notice of 25 termination given to the seller before the seller 26 gives the buyer a registrable transfer for the 27 proposed lot in the buyer's favour. 28 Page 107

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] Division 4 Termination 1 97K Termination under this part 2 (1) This section applies if a buyer terminates a 3 contract under this part. 4 (2) The seller must, within 14 days after the 5 termination, repay to the buyer-- 6 (a) any amount paid to the seller or the seller's 7 agent towards the purchase of the leasehold 8 building units lot or proposed lot; and 9 (b) any interest that accrued on the amount 10 while it was held by the seller or the seller's 11 agent. 12 (3) However, if the amount or interest is held by an 13 entity in a trust account kept as required under an 14 Act, the requirement under subsection (2) applies 15 subject to compliance with the law governing the 16 entity's trust account. 17 (4) An amount repayable under subsection (2) may 18 be recovered as a debt. 19 Division 5 Amounts held in trust 20 accounts for proposed lots 21 97L Payment of particular amounts 22 This division applies to the following amounts-- 23 (a) an amount paid towards the purchase of a 24 proposed lot under a contract for the sale of 25 the lot (excluding an amount the payment of 26 which entitles the buyer to a registrable 27 transfer in the buyer's favour); 28 Page 108

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (b) an amount paid under another instrument 1 (whether legally binding or not) relating to 2 the sale of a proposed lot. 3 Examples of instruments for paragraph (b)-- 4 � an option to purchase 5 � an instrument providing for an expression of 6 interest 7 97M Amounts paid under s 97L to be held in 8 prescribed trust account 9 (1) The person to whom the amount is paid must pay 10 the amount directly to-- 11 (a) if the contract or instrument states the 12 amount is to be paid to either of the 13 following recognised entities, the 14 recognised entity-- 15 (i) a law practice at its office in 16 Queensland; 17 (ii) a real estate agent; or 18 (b) if paragraph (a) does not apply, the public 19 trustee. 20 Maximum penalty--200 penalty units or 1 year's 21 imprisonment. 22 (2) An amount paid to a recognised entity mentioned 23 in subsection (1)(a) or (b) must be-- 24 (a) held by the recognised entity in a prescribed 25 trust account; and 26 (b) dealt with by the recognised entity in 27 accordance with this part and the law 28 governing the operation of the entity's 29 prescribed trust account. 30 Maximum penalty--200 penalty units or 1 year's 31 imprisonment. 32 Page 109

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (3) An amount paid to a law practice under this 1 section is taken to be trust money under the Legal 2 Profession Act 2007, part 3.3. 3 97N Disposal of amount held in prescribed trust 4 account 5 (1) A recognised entity that is paid an amount under 6 section 97M(1) must hold the amount in the 7 entity's prescribed trust account until a party to 8 the contract or instrument becomes entitled, 9 under this part or otherwise according to law, to a 10 repayment or payment of the amount. 11 Maximum penalty--200 penalty units or 1 year's 12 imprisonment. 13 (2) On a party becoming entitled to a repayment or 14 payment of the amount, the recognised entity 15 must dispose of the amount in accordance with 16 the law governing the operation of the entity's 17 prescribed trust account. 18 Maximum penalty--200 penalty units or 1 year's 19 imprisonment. 20 (3) Subsections (1) and (2) apply despite anything in 21 the contract or instrument under which the 22 amount was paid to the recognised entity. 23 97O Investment of amount held in prescribed trust 24 account 25 (1) A recognised entity that holds an amount paid 26 under section 97M(1) in a prescribed trust 27 account may invest the amount if-- 28 (a) either of the following applies-- 29 (i) the contract or instrument authorises 30 the investment; 31 Page 110

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] (ii) the parties to the contract or instrument 1 give the entity their consent to the 2 investment by signed written notice; 3 and 4 (b) the investment is carried out in accordance 5 with the law governing the operation of the 6 prescribed trust account. 7 (2) An amount invested as mentioned in subsection 8 (1) is taken to be an amount in the prescribed 9 trust account. 10 (3) Any proceeds of an investment of an amount as 11 mentioned in subsection (1) must be paid into the 12 prescribed trust account, unless the proceeds are 13 further invested as mentioned in subsection (1). 14 Maximum penalty for subsection (3)--200 15 penalty units or 1 year's imprisonment. 16 Division 6 Other provisions 17 97P Security instruments 18 (1) This section applies if a recognised entity 19 receives, on behalf of the seller of a proposed lot, 20 an instrument from the buyer as security for the 21 payment of an amount under the contract for the 22 sale of the lot. 23 Example of an instrument for subsection (1)-- 24 bank guarantee 25 (2) The recognised entity must keep the instrument 26 at the prescribed place until-- 27 (a) the instrument is returnable to the buyer 28 according to law; or 29 (b) the instrument is given to the issuer of the 30 security in exchange for the amount it 31 secures. 32 Page 111

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 69] Maximum penalty--200 penalty units or 1 year's 1 imprisonment. 2 (3) The amount given in exchange for the instrument 3 under subsection (2)(b) is trust money. 4 (4) The amount given must be-- 5 (a) held by the recognised entity who held the 6 instrument in the entity's prescribed trust 7 account; and 8 (b) dealt with by the recognised entity in 9 accordance with this part and the law 10 governing the operation of the entity's 11 prescribed trust account. 12 Maximum penalty--200 penalty units or 1 year's 13 imprisonment. 14 (5) In this section-- 15 prescribed place means-- 16 (a) for a recognised entity that is a law 17 practice--an office of the practice in 18 Queensland; or 19 (b) for a recognised entity that is the public 20 trustee--an office of the public trustee in 21 Queensland; or 22 (c) for a recognised entity that is a real estate 23 agent--the office of the real estate agency in 24 which the agent carries on the business of a 25 real estate agent. 26 97Q Contracting out prohibited 27 (1) A contract for the sale of a leasehold building 28 units lot or a proposed lot is void to the extent to 29 which it purports to exclude, restrict or otherwise 30 change the effect of a provision of this part. 31 (2) In this section-- 32 Page 112

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 70] contract, for the sale of a leasehold building units 1 lot or a proposed lot, includes any instrument 2 relating to the sale of the leasehold building units 3 lot or proposed lot. 4 97R Evidentiary provision 5 In a proceeding for an offence against this part, a copy 6 of a contract or other instrument purporting to relate to 7 the sale or purchase of a proposed lot and produced on 8 behalf of the complainant is admissible in evidence as 9 if it were the original contract or instrument. 10 Clause 70 Insertion of new s 98A 11 After section 98-- 12 insert-- 13 98A Responsibility for acts or omissions of 14 representative 15 (1) This section applies in a proceeding for an 16 offence against this Act. 17 (2) If it is relevant to prove a person's state of mind 18 about a particular act or omission, it is enough to 19 show-- 20 (a) the act was done or omitted to be done by a 21 representative of the person within the scope 22 of the representative's actual or apparent 23 authority; and 24 (b) the representative had the state of mind. 25 (3) An act done or omitted to be done for a person by 26 a representative of the person within the scope of 27 the representative's actual or apparent authority is 28 taken to have been done or omitted to be done 29 also by the person, unless the person proves the 30 person could not, by the exercise of reasonable 31 diligence, have prevented the act or omission. 32 Page 113

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 71] (4) In this section-- 1 representative means-- 2 (a) of an individual--an employee or agent of 3 the individual; or 4 (b) of an unincorporated body--a member of 5 the body, or an employee or agent of the 6 body; or 7 (c) of a partnership--a partner, employee or 8 agent of the partnership; or 9 (d) of a corporation--an executive officer, 10 employee or agent of the corporation. 11 state of mind, of a person, includes-- 12 (a) the person's knowledge, intention, opinion, 13 belief or purpose; and 14 (b) the person's reasons for the intention, 15 opinion, belief or purpose. 16 Clause 71 Omission of s 103 (Application of Land Sales Act to 17 public authorities) 18 Section 103-- 19 omit. 20 Clause 72 Insertion of new pt 11, div 8 21 Part 11-- 22 insert-- 23 Page 114

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 72] Division 8 Transitional provisions for 1 Land Sales and Other 2 Legislation Amendment 3 Act 2014 4 138 Definitions for div 8 5 In this division-- 6 commencement means the commencement of 7 this division. 8 proposed lot has the meaning given by section 9 97B. 10 139 Application of pt 9A and modified application 11 of s 97J 12 (1) Part 9A applies only in relation to a contract for 13 the sale of a lot or proposed lot entered into by a 14 buyer after the commencement. 15 (2) However, section 97J as modified under 16 subsection (3) applies in relation to the contract 17 for the sale of the proposed lot if-- 18 (a) the proposed lot is a proposed lot mentioned 19 in the Land Sales Regulation 2000, schedule 20 2 as in force immediately before the repeal 21 of that regulation; and 22 Note-- 23 Under old LSA, section 28, a period could be 24 prescribed by regulation for giving a registrable 25 instrument for a proposed lot. 26 (b) the contract does not provide for when the 27 seller must give the buyer a registrable 28 transfer; and 29 (c) before the contract is entered into, the seller 30 gives the buyer written notice stating-- 31 Page 115

Land Sales and Other Legislation Amendment Bill 2014 Part 11 Amendment of South Bank Corporation Act 1989 [s 72] (i) the period within which the seller must 1 give the buyer a registrable transfer for 2 the proposed lot is extended as 3 provided for under the South Bank 4 Corporation Act 1989, sections 97J and 5 139; and 6 (ii) the period within which the seller must 7 give the buyer a registrable transfer. 8 (3) Section 97J is modified by omitting subsection 9 (1)(b) and inserting the following-- 10 (b) if the contract does not provide for 11 when the seller must give the buyer a 12 registrable transfer--the end of the 13 period prescribed in the repealed Land 14 Sales Regulation 2000, schedule 2 15 worked out from the day the contract 16 was entered into. 17 (4) Without limiting the ways the seller may comply 18 with subsection (2)(c), it is sufficient compliance 19 with the provision if the information mentioned 20 in the provision is included in the disclosure 21 statement given to the buyer under section 97F. 22 (5) In this section-- 23 old LSA, section 28 means section 28 of the 24 Land Sales Act 1984 as in force immediately 25 before the commencement. 26 140 Continuing application of former provisions 27 (1) This section applies in relation to a contract for 28 the sale of a lot or proposed lot entered into 29 before the commencement. 30 (2) The following provisions, as in force before the 31 commencement, continue to apply in relation to 32 the contract as if the Land Sales and Other 33 Page 116

Land Sales and Other Legislation Amendment Bill 2014 Part 12 Repeal of Land Sales Regulation 2000 [s 73] Legislation Amendment Act 2014 had not been 1 enacted-- 2 (a) schedule 4, sections 49 and 49A of this Act; 3 (b) the Land Sales Act 1984, part 3. 4 Clause 73 Amendment of sch 4 (Modified Building Units and Group 5 Titles Act) 6 (1) Schedule 4, section 7, definition original lessee, paragraph 7 (b), `49, 49A,'-- 8 omit. 9 (2) Schedule 4, section 7, definition original lessee, after 10 paragraph (b)-- 11 insert-- 12 (amended) 13 (3) Schedule 4, part 4, division 3-- 14 omit, insert-- 15 Division 3 Duties of original lessee 16 (not applied) 17 Part 12 Repeal of Land Sales 18 Regulation 2000 19 Clause 74 Repeal provision 20 The Land Sales Regulation 2000, SL No. 221 is repealed. 21 Page 117

Land Sales and Other Legislation Amendment Bill 2014 Part 13 Minor and consequential amendments of Acts [s 75] Part 13 Minor and consequential 1 amendments of Acts 2 Clause 75 Acts amended in sch 1 3 Schedule 1 amends the Acts it mentions. 4 Page 118

Land Sales and Other Legislation Amendment Bill 2014 Schedule 1 Schedule 1 Minor and consequential 1 amendments 2 section 75 3 Body Corporate and Community Management Act 4 1997 5 1 Section 206(3), `or a person authorised by the seller'-- 6 omit. 7 2 Section 210, `(including the seller's agent)'-- 8 omit. 9 Land Title Act 1994 10 1 Section 122(3), from `allotment'-- 11 omit, insert-- 12 lot under the Land Sales Act 1984 that a person 13 obtains by agreeing to buy the lot under a contract for 14 the sale of the lot. 15 � State of Queensland 2014 Authorised by the Parliamentary Counsel Page 119

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