New South Wales Consolidated Acts

WENTWORTH IRRIGATION ACT 1890 - SECT 22B

22B 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) The purchase price for the land, 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.

(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 were not 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.