(1) In this section
—
conditional purchase lease means conditional
purchase lease granted under subsection (2).
(2) The Minister may
grant to an applicant a conditional purchase lease of any Crown land.
(3) A conditional
purchase lease may be granted —
(a) for
such term and subject to the payment of such rental, instalments and interest
as the Minister thinks fit; and
(b) on
condition that improvements specified in the conditional purchase lease are
made within the period so specified; and
(c) on
such other conditions and subject to such covenants, reservations or
exemptions as the Minister thinks fit or as are prescribed.
(4) When the Minister
is satisfied that the lessee under a conditional purchase lease —
(a) has
made improvements specified in the conditional purchase lease under subsection
(3)(b); and
(b) has
complied with all conditions, covenants, reservations and exemptions to which
the conditional purchase lease is subject,
the Minister must
transfer that Crown land in fee simple to that lessee —
(c) if a
purchase price was fixed when the conditional purchase lease was granted, on
payment to the Minister of the full purchase price, whether or not paid by
rental that the conditional purchase lease provides or the Minister agrees may
be offset against the purchase price, together with any other outstanding
rental or outstanding interest as the Minister may require the lessee to pay
before the Crown land is transferred to the lessee; or
(d) if a
purchase price was not fixed when the conditional purchase lease was granted,
on payment to the Minister of the full purchase price, which price is to be
fixed by the Minister or calculated in accordance with the terms of the
conditional purchase lease, together with any other outstanding rental or
outstanding interest as the Minister may require the lessee to pay before the
Crown land is transferred to the lessee.
(5) In determining
whether under subsection (4)(c) or (d) the full purchase price has been paid,
the Minister is to offset against the price fixed by the Minister or
calculated in accordance with the terms of the conditional purchase lease any
rental payment that the conditional purchase lease provides or the Minister
agrees may be offset against the purchase price.
(6) If the lease is
mortgaged, is affected by another interest or is subject to a caveat and the
lessee, during the continuance of the mortgage, other interest or caveat,
becomes entitled under subsection (4), the mortgage, other interest or caveat
is by operation of this subsection transferred to the fee simple and applies
to the fee simple when transferred in all respects as if the fee simple had
been referred to in the mortgage, other interest or caveat and has the same
effect in respect of the fee simple as if it were a mortgage, other interest
or caveat under the TLA.
[Section 80 amended: No. 59 of 2000 s. 20; No. 4
of 2023 s. 92.]