New South Wales Consolidated Acts

RURAL ASSISTANCE ACT 1989 - SECT 27

27 Acquisition of land etc

(1) If, for the purposes of administering a program referred to in section 25, the Authority is required or permitted to acquire or dispose of land, the Authority may acquire or dispose of that land even though:

(a) a consent or permission required by or under a prescribed Act has not been obtained or granted, or

(b) the Authority is not qualified by or under a prescribed Act to hold that land.

(2) The Authority shall not, for the purposes of administering a program referred to in section 25, dispose of land to, or lend money for the acquisition of land by, a person if the price of the land exceeds:

(a) the fair market value of the land, or

(b) the maximum price, as determined by the Authority, at which a competent person could succeed if the land were acquired by such a person under the program,

whichever is the lesser.

(3) In this section, "fair market value", in relation to land, means the fair market value of the land as determined by the Authority, having regard to the productive capacity of the land under fair average seasons, prices and conditions and to such other matters as the Authority considers relevant.