Queensland Consolidated Acts

LAND ACT 1994 - SECT 478

478 Right to a post-Wolfe freeholding lease

(1) The lessee of a special lease, other than a lease for grazing or agricultural purposes, who has an offer for conversion to freehold approved under section 168 may elect in writing to pay the purchase price by instalments.

(2) If a lessee elects to pay the purchase price by instalments—

(a) the Governor in Council may issue a post-Wolfe freeholding lease for a maximum term of 30 years; and

(b) the lessee may pay the market value of the commercial timber by instalments on terms stated by the Minister; and

(c) the conditions, purpose and encumbrances of the special lease transfer to the post-Wolfe freeholding lease.

(3) The conditions mentioned in subsection (2) (c) do not include conditions—

(a) the Minister is satisfied are redundant in the context of the post-Wolfe freeholding lease; and

(b) are expressly or impliedly excluded from the post-Wolfe freeholding lease when it is issued.