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housing development scheme

means any scheme, arrangement or undertaking-

a) in terms of which housing interests are alienated for occupation contemplated in section 7, whether the scheme, arrangement or undertaking is operated pursuant to or in connection with a development scheme or a share block scheme or membership of or participation in any club, association, organization or other body, or the issuing of shares, or otherwise, but excluding a property time-sharing scheme; or
b) declared a housing development scheme by the Minister by notice in the Gazette for the purposes of this Act;