6   Precinct association

(1)  The corporation that:

(a)  is constituted under the Community Land Development Act 1989 by the registration of a precinct plan as a deposited plan, and

(b)  has for its corporate name “Precinct Association D.P. No           ” (the number inserted being that of the deposited plan),

      is a precinct association for the purposes of this or any other Act.

(2)  The corporation has for its members:

(a)  the proprietor of each precinct development lot in the precinct plan that has not become subject to a subsidiary scheme, and

(b)  the neighbourhood association constituted if such a development lot becomes subject to a neighbourhood scheme, and

(c)  the strata corporation constituted if such a development lot becomes subject to a strata scheme.

(3)  Section 50 (1) (d) of the Interpretation Act 1987 does not apply to a precinct association.

(4)  A precinct association is declared to be an excluded matter for the purposes of section 5F of the Corporations Act 2001 of the Commonwealth in relation to the whole of the Corporations legislation.

Note. This subsection ensures that neither the Corporations Act 2001 nor Part 3 of the Australian Securities and Investments Commission Act 2001 of the Commonwealth will apply in relation to a precinct association. Section 5F of the Corporations Act 2001 of the Commonwealth provides that if a State law declares a matter to be an excluded matter in relation to those Acts, then the provisions of those Acts will not apply in relation to that matter in the State concerned.

(5)  A precinct association has the functions conferred or imposed on it by Schedule 1, by other provisions of this Act and by any other Act.