(1)  Subject to this section, the Minister on behalf of the Crown may vary or discharge a conservation covenant at any time by agreement with the owner of the land that is subject to the covenant.

(2)  If a conservation covenant so provides, it is not capable of being varied or discharged without the prior consent of the Crown in the right of the Commonwealth.

(3)  If the land subject to a conservation covenant is a private nature reserve, the covenant is not capable of being varied in a way that might threaten the natural or cultural values of the land, or of being discharged, until the land ceases to be or form part of a private nature reserve.

(4)  If the landowner has received compensation or financial payments from the Crown under this Part or any other enactment in connection with a conservation covenant, it is not capable of being varied or discharged unless the Minister, by means of a notice published in the Gazette , has given at least 30 days' notice of his or her intention to vary or discharge the covenant.