Clause 3

replace subsection (2) with —“(2) An application for an order for the sale of all the flats and the land in a development to which this section applies may be made by the proprietors of flats in the development who —

own in aggregate the percentage of the share of the land and the percentage of the total area of all the flats in the development, which are respectively not less than the threshold percentages specified in the second and third columns of the following table opposite the age of the development (as determined in accordance with section 84FE) specified in the first column of that table: First columnSecond columnThird column Age of developmentThreshold percentage in respect of share of landThreshold percentage in respect of total area of all flats Less than 10 years90%90% At least 10 years but less than 40 years80%80% At least 40 years but less than 60 years70%70% 60 years or more65%65% ; and (b)have agreed in writing to sell all the flats and the land in the development to a purchaser under a sale and purchase agreement which specifies the proposed method of distributing the proceeds of sale (whether in cash or kind, or both) to all the proprietors of the flats in the development, subject to an order being made under subsection (4) or (5).”;

in subsections (2A)(b) and (3A), delete “under subsection (4A)(b)”;

in subsection (2B), replace “under subsection (4A)(b) in relation to” with “in respect of”;

in subsection (3), replace “such longer period as the Board allows in exceptional circumstances, whether before or after the end of the 21 days” with “any longer period that the Board allows (whether before or after the end of the 21 days) in exceptional circumstances”;

in subsection (3A), replace “referred to” with “mentioned”; (f)in subsection (4), replace “and no objection” with “for an order for a sale and no objection to the sale”;

in subsection (4A), replace “under subsection (2) to a Board, and one or more objections have been filed under subsection (3) in relation to that application” with “to a Board under subsection (2) for an order for a sale, and one or more objections to the sale have been filed under subsection (3)”;

in subsection (4A)(b), delete “(called in this section a section 84D stop order)”;

in subsection (4B), replace “made by a Board under subsection (4A)(b) with respect to an application made to it” with “issued with respect to an application made to a Board”; (j)in subsection (4B)(a), replace “make” with “issue”; (k)in subsection (4B)(b), replace “the notice under paragraph (a) is so served, one or more of those objections so filed are not withdrawn” with “service of the notice under paragraph (a), one or more of those objections are not withdrawn”;

in subsection (5), replace “have been filed under subsection (3A) in respect of” with “to a sale have been re‑filed under subsection (3A) in relation to”;

in subsection (5), replace paragraphs (a) and (b) with —“(a)a proprietor of any flat in the development who has re‑filed an objection under subsection (3A) will incur a financial loss; or

the proceeds of sale for any flat in the development to be received by any of the following persons who has re‑filed an objection under subsection (3A) are insufficient to redeem any mortgage or charge in respect of the flat: (i)a proprietor of the flat; (ii)a mortgagee or chargee mentioned in subsection (3)(b).”;

in subsection (5A), replace “an objector, being a proprietor who has filed” with “a proprietor of a flat who has re‑filed”;

in subsection (5B), replace “0.25%” with “0.5%”;

replace subsection (6) with —“(6) For the purposes of subsection (5)(a), a proprietor of a flat —

is taken to have incurred a financial loss if the proceeds of sale for the proprietor’s flat, after any deduction allowed by the General Division of the High Court (including all or any of the deductions specified in the Fourth Schedule), are less than the price the proprietor paid for that flat, except where the proprietor purchased the flat after a collective sale committee had signed a sale and purchase agreement to sell all the flats and land in the development to a purchaser; and

is not to be taken to have incurred a financial loss by reason only that the proprietor’s net gain from the sale of the proprietor’s flat will be less than the net gain from the sale of any other flat in the development.”;

in subsection (7)(a)(i)(B), after “sale”, insert “to the proprietors of the flats”;

in subsection (8), after “under subsection (3) to a Board or”, insert “re‑filed”; (s)in subsection (9), delete “(8)(a), (b) and (c),”; and

replace subsection (10) with —“(10) In this section, “section 84D stop order” means an order by a Board under subsection (4A)(b) for the discontinuance of all proceedings before it in connection with an application to the Board under subsection (2).”.