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LAND ACT 1994 - SECT 129A
Further dealings with lease land on completion of significant development
129A Further dealings with lease land on completion of significant development
(1) The Minister may include the following in a lease for significant
development— (a) a purchase price, or formula for calculating the purchase
price, if the land is converted to freehold land;
(b) the term of a new lease
for operating and maintaining the significant development, if a new lease is
granted.
(2) If a price, formula or term mentioned in subsection (1) is
included in the lease, the lessee may, after the significant development is
substantially complete, apply to the Minister to purchase the lease land or
enter a new lease to operate and maintain the significant development.
(3) If
the Minister is satisfied the lessee has complied with the terms of the lease,
the Minister must— (a) for an application to purchase the land—ask the
Governor in Council to grant the land in fee simple to the lessee; or
(b) for
an application for a new lease—grant the application.
(4) If a deed of
grant or new lease is issued over part of the land the subject of a
significant development lease, the rest of the land must be dedicated as a
reserve or road.
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