(2)The new scheme is a basic scheme.
(3)Each lot in the existing plan becomes a lot included in the new scheme.
(4)The scheme land for the new scheme is all the land included in the parcel for the existing plan.
(5)Each item of additional common property under the 1980 Act, part 2, division 2 for the existing plan (other than an item of additional common property acquired as freehold land and incorporated into the parcel for the existing plan) becomes a body corporate asset for the new scheme, and an exclusive use by-law applying to the item and having continuing effect under this part is taken to apply to the item as a body corporate asset.
(6)The body corporate under the 1980 Act for the existing plan is taken to be, without change to its corporate identity, the body corporate for the new scheme.
(7)A person holding office as the chairperson, secretary, treasurer, or a member of the committee, of the body corporate for the existing plan immediately before the commencement continues, subject to this Act, in the corresponding office under this Act as if elected or appointed to the office under this Act.
(8)A procedural step taken towards the calling of a general meeting of the body corporate for the existing plan or a meeting of its committee before the commencement is validly taken under this Act if taken in accordance with the law then in force.
(9)The financial year for the new scheme is, unless the first annual general meeting has not been held for the existing plan—
(a)each year ending on the last day of the month containing the anniversary of the first annual general meeting held for the existing plan; or
(b)if a referee under the 1980 Act has fixed a date to be taken to be the anniversary of the first annual general meeting of the body corporate—each year ending on the last day of the month containing the date fixed by the referee.
(10)If a first annual general meeting has not been held for the new scheme before the commencement, then, for the purpose only of calculating when the first annual general meeting is to be held, and for determining the new scheme’s financial year, the establishment of the scheme is taken to have happened when the existing plan was registered.
(11)The original proprietor for the existing plan becomes the original owner for the new scheme.
(12)However, obligations imposed under this Act on the original owner when a scheme is established apply only to the extent that equivalent obligations under the 1980 Act have not been complied with.