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I don’t see the need for a meeting because:
Currently, a strata scheme can only be terminated by two methods:
- by order of the Supreme Court; or
- by application to the Registrar General, which must be supported by a unanimous resolution of the owners corporation.
The current owners don’t want to terminate the scheme, the developer needs to purchase each unit and once this is done he can terminate the scheme because he has all the votes.
Any vote the current owners make is irrelevant, as they won’t own the units when scheme is terminated.
The important point is the contracts for sale need to specify that each individual sale is dependent on all the other sales proceeding, and so you are going to need a very on the ball solicitor to arrange this. Just needs one seller to have doubts (or get greedy) for the whole thing to collapse.