§ 4 — Meanings of “material interest” and “owner”

4.—(1) For the purposes of this Act, a person is not an owner of any land unless the person has a material interest in the land.(2) Subject to subsection (3), a “material interest” in any land means a legal interest in the land which is —(a)

an estate in fee simple;

(b)

an estate in perpetuity;

(c)

a leasehold estate under a State title of whatever tenure; or

(d)

subject to subsection (3), an interest in the land entitling the person to receive rent of the land (whether on the person’s own account or as trustee for any other person or as a receiver) —(i)

if the land is let to a tenant for more than 10 years; or

(ii)

if the land is in fact let for more than 10 years,

and includes a mortgagee in possession.

(3) For the purposes of subsection (2) —(a)

the fact that the term of a lease may be extended pursuant to an option exercisable wholly at the lessee’s discretion must be taken into consideration in determining whether the term of the lease exceeds any periods specified in subsection (2)(d); and

(b)

the fact that a lease for a specified period of time is determinable on the happening of an event within that time must not be taken into consideration in determining the term of the lease.

(4) For the purposes of this Act, a person must not be regarded as having a material interest in any land by reason only that the person has purchased, from a developer of a development for which planning permission is granted for strata division after completion of any building comprised in the development, an estate or interest in a lot or proposed lot in the development before that completion.

(5) In subsection (4), “developer” means the person for whom or on whose behalf any development of land is carried out.

—(1) For the purposes of this Act, a person is not an owner of any land unless the person has a material interest in the land.

(2) Subject to subsection (3), a “material interest” in any land means a legal interest in the land which is —(a)

an estate in fee simple;

(b)

an estate in perpetuity;

(c)

a leasehold estate under a State title of whatever tenure; or

(d)

subject to subsection (3), an interest in the land entitling the person to receive rent of the land (whether on the person’s own account or as trustee for any other person or as a receiver) —(i)

if the land is let to a tenant for more than 10 years; or

(ii)

if the land is in fact let for more than 10 years,

and includes a mortgagee in possession.

(3) For the purposes of subsection (2) —(a)

the fact that the term of a lease may be extended pursuant to an option exercisable wholly at the lessee’s discretion must be taken into consideration in determining whether the term of the lease exceeds any periods specified in subsection (2)(d); and

(b)

the fact that a lease for a specified period of time is determinable on the happening of an event within that time must not be taken into consideration in determining the term of the lease.

(4) For the purposes of this Act, a person must not be regarded as having a material interest in any land by reason only that the person has purchased, from a developer of a development for which planning permission is granted for strata division after completion of any building comprised in the development, an estate or interest in a lot or proposed lot in the development before that completion.

(5) In subsection (4), “developer” means the person for whom or on whose behalf any development of land is carried out.