Queensland Consolidated Acts

LAND ACT 1994 - SECT 347

347 Land to be sold within 2 years

(1) The mortgagee must arrange to sell the lease within 2 years of entering into possession of the lease.

(2) The mortgagee may apply to the Minister to extend the 2 years.

(3) The application under subsection (2) must be made within the 2 year period.

(4) If the Minister decides not to extend the time, the mortgagee must be given notice of the decision and the reasons for the decision.

(5) The mortgagee may appeal against the Minister’s decision.

(6) If the mortgagee does not sell the lease within 2 years of entering into possession of the lease or an appeal to extend the time is unsuccessful, the chief executive may sell the mortgaged lease.