(1) If —
(a) 2 or
more pastoral leases are held by the same lessees; and
(b) the
leases are held on the same conditions, other than the term of the lease; and
(c) the
lessees hold the same proportionate shares of each lease,
the Minister may, on
the recommendation of the Board, by order provide that the leases be
amalgamated.
(2) If the lessees of
pastoral leases eligible for amalgamation request the Board to recommend
amalgamation and have paid the prescribed fee, if any, the Board must consider
the request and must not unreasonably refuse to recommend amalgamation to the
Minister.
(3) If a lease
affected by an amalgamation order is subject to a mortgage or charge, then,
unless the mortgagees or chargees agree and the order provides otherwise, each
mortgage or charge is deemed, on registration of the order, to have been
replaced by a mortgage or charge on the amalgamated lease with the same terms
and conditions, with the same priority date, and secured by the same area of
land as before the amalgamation.
(4) An amalgamation
order must specify a name for the amalgamated lease.