New South Wales Consolidated Acts

HAY IRRIGATION ACT 1902 - SECT 19A

19A Power to sell land

(1) The Ministerial Corporation may from time to time dispose of for an estate in fee-simple by sale any land comprising the Area not demised or assigned by the Ministerial Corporation.

(2) The holder of a lease under this Act may purchase from the Ministerial Corporation the land comprised in the lease, but only with the consent in writing of any mortgagee.

(3) Subject to section 19AB, the purchase price for the land, in respect of an application for purchase made before 1 July 2004, together with interest at the annual rate of 4 per cent, or such other rate as may be prescribed by the regulations, is payable by 74 equal half-yearly instalments. The first instalment is payable on the date of purchase.

(3A) The purchase price for land, in respect of an application for purchase made on or after 1 July 2004, is to be paid in full within such time as the Ministerial Corporation requires.

(4) The purchaser is to execute a contract of sale in a form approved by the Ministerial Corporation and enter into such covenants as the Ministerial Corporation considers necessary.

(5) The covenants are to include a covenant to execute, if required by the Ministerial Corporation, a mortgage over the land to the mortgagee preserving the rights, powers and remedies that the mortgagee would have had if the purchase had not been effected.

(6) The contract may, with the concurrence of the Ministerial Corporation, also provide for the transfer of the land after payment of the whole of the purchase money and interest or before the payment.

(7) If the contract provides for the transfer of the land before the payment of the purchase money and interest, the contract is to contain provisions for:

(a) performance of any covenant specified to be performed before the transfer, and

(b) a mortgage of the land to the Ministerial Corporation to secure the payment of the purchase money and interest.

(8) The purchaser of leased land under this section is, if required by the Ministerial Corporation, to execute a surrender of the purchaser’s lease of the land to the Ministerial Corporation in a form approved by the Ministerial Corporation.