(1) The Minister must
not —
(a)
approve the grant of a pastoral lease to a person; or
(b)
approve the transfer to the person of any interest in a pastoral lease,
if the result of the
grant or transfer would be that the pastoral land imputed to the person under
this section would exceed 500 000 hectares, unless the Minister is satisfied
that the transfer would not result in so great a concentration of control of
pastoral land as to be against the public interest.
(2) For the purposes
of this section, pastoral land is imputed to persons as follows —
(a) if a
person is sole lessee of a pastoral lease — the area of land under the
lease is imputed to the person;
(b) if
several persons are joint tenants of a pastoral lease —the whole area of
the land under the lease is imputed to each of them;
(c) if
several persons are tenants in common of a pastoral lease — the area of
land under the lease is imputed to them in proportion to their respective
shares in the lease;
(d) if a
pastoral lessee is a company — the area of land imputed to it under
paragraph (a) or (c) is also imputed to the shareholders in the proportion to
the voting rights represented by their shareholdings.
(3) For the purposes
of subsection (2)(d), each person who, either alone or together with other
persons, is entitled (other than as trustee for, on behalf of or on account
of, another person) to receive, directly or indirectly, any dividends in
respect of the share or to exercise, or to control the exercise of, any rights
attaching to a share is deemed to hold that share.