New South Wales Consolidated Acts New South Wales Consolidated ActsFor the purposes of this Act, section 147A of the Principal Act shall be deemed to be amended by omitting subsection (7) and by inserting instead the following subsection:
(7) Where the purchase money of land within or formerly within an irrigation farm lease, a non-irrigable lease or a town land lease to which section 4 of the Irrigation Areas (Conversion of Leases) Act 1977 , applies is to be determined for the purpose of conversion into an irrigation farm purchase, a non-irrigable purchase or a town land purchase, as the case may be, the Special Land Board or the Land and Environment Court on appeal or reference to it as in this section provided shall fix as the purchase money the fair market value of the land irrespective of any improvements thereon.