332.This section defines “owner”, in relation to any land, to mean the person who owns the freehold title to the land or holds a fixed term tenancy that has at least one year left to run and is not a mortgage term. This means banks and building societies that hold a mortgage on a piece of land are not considered to be owners for the purposes of the Act. Section 88(b) provides that a person who has a reversionary interest in land that will only be realised when such a tenancy comes to an end is not to be considered an owner for the purposes of the Act.
Commentary on Sections Interpretation Section 88 – Meaning of “owner”