Document ID: chunk:federal_register_of_legislation:F2015L01831:body:0:p2
Version: federal_register_of_legislation:F2015L01831
Segment Type: other
Provision Reference: 
Character Range: 2900–5422

of Queensland (commonly known as lake title companies);
(d) a company that is the owner of property which adjoins property owned by its shareholders and is subject to easements of right of way in favour of those adjoining properties (commonly known in Queensland as court title companies).
       vendor means a person, being an owner of shares in a real estate company, who proposes to sell the shares.

Part 2—Exemptions

5 Shares in real estate companies
Vendors
(1) A person that makes an offer for sale of eligible shares in a real estate company does not have to comply with section 707 of the Act in relation to the offer where all of the following are satisfied:
(a) the offer to sell the shares in the company is made by or on behalf of the vendor;
(b) a copy of the draft contract for sale of the shares is publicly available at the time of making the offer;
(c) the terms of the draft contract include particulars as to:
(i) the area or areas to which the shares relate and title particulars of the property and any interest affecting that property; and
(ii) the occupancy and any usage rights in respect of the area or areas to which the shares relate; and
(d) it is an essential term of the draft contract that on completion of the contract:
(i) the vendor will be or will be entitled to be the registered holder of the shares; and
(ii) the title of the company to the property will be unencumbered, subject only to any matter affecting that title described in the contract;
(e) the draft contract contains a warranty by the vendor that, so far as the vendor is aware, after making reasonable enquiries of the directors of the company:
(i) other than as disclosed in the contract, the company has no actual or contingent liabilities (except normal operating expenses for its current financial year) nor are there any defects (whether patent or latent) in any common property which may involve the company incurring the expenditure of money for repair or replacement (other than ordinary wear and tear); and
(ii) the company is not being wound up and, other than as disclosed in the contract and so far as the vendor is aware:
(A) the company is not subject to any external administration or liable to be wound up;
(B) no action is pending in any court for the winding up of the company;
(C) no meeting has been called for the purpose of winding up the company; and
(iii) there are no proceedings pending in any court against the company that might prejudice or detrimentally affect it or its assets;
(f) under