Northern Territory Consolidated Acts Northern Territory Consolidated Acts66. Agreement for exchange of part of pastoral lease
(1) A pastoral lessee may apply in writing to the Minister for permission to surrender a part of his or her pastoral lease in respect of part of the land the subject of the lease, being a part of the land that adjoins a part of the land included in another pastoral lease.
(2) An application under subsection (1) shall be accompanied by:
(a) a plan showing the land included in the part of the lease to be surrendered and the land comprised in the adjoining pastoral lease;
(b) a written statement of the other lessee that he or she desires, and is prepared to accept, for inclusion in his or her pastoral lease, the land included in the part of the lease to be surrendered; and
(c) reasons in writing why the surrender and inclusion are desired.
(3) Subject to subsection (4), the Minister may grant permission or refuse permission for a surrender under this section of a part of a lease.
(4) The Minister shall refuse permission if the area of the part of the land sought to be surrendered exceeds 8% of the total area of the land the subject of the lease.
(5) The Minister shall give to the applicant and to the lessee of the adjoining pastoral lease notice in writing of the Minister's decision under this section.
(6) Where the Minister grants permission under this section, the notice under subsection (5) shall specify the variations of the reservations, conditions and other provisions of the existing leases the Minister will require and the amount of rent, if any, payable for the pastoral lease in respect of the remainder of the current financial year and the ensuing financial year, apportioned to the percentage of the land to remain the subject of the lease, unless, in relation to the ensuing financial year, the land is sooner revalued under the Valuation of Land Act for the purposes of Division 2 and/or the relevant percentage is next declared under section 55.
(7) If, within 60 days after receiving a notice given under subsection (5), the applicant pastoral lessee and the lessee of the adjoining pastoral lease inform the Minister in writing of their acceptance of the variations of the reservations, conditions and other provisions specified in the notice, the Minister shall, by notice in writing to them, grant permission for the surrender and inclusion subject to those variations.
(8) On the surrender under this section of a part of the land the subject of a pastoral lease, the Minister shall cause to be lodged with the Registrar-General a memorandum, in the form of an instrument under the Land Title Act , describing:
(a) the part of the land to be excised from the pastoral lease and added to the adjoining pastoral lease; and
(b) any variations of the reservations, conditions and other provisions of the leases and specified in the notice given under subsection (5).
(9) On the lodging of a memorandum under subsection (8), the Registrar-General shall register the memorandum and, on the Registrar-General so doing:
(a) in the case of the pastoral lease to which the land is to be added - the lease shall extend over the area of land to be added, subject to such reservations, conditions and other provisions as are set out in the memorandum; and
(b) in the case of the lease from which the land is to be excised - the lease shall cease to have force or effect over or in relation to the area of land to be excised.
(10) Where there is in existence a mortgage or encumbrance over a lease referred to in subsection (9), the mortgage or encumbrance shall, subject to the consent of the mortgagee or encumbrancee, which consent shall not be unreasonably withheld:
(a) in the case of the lease to which the land is to be subject - on and from the endorsement on the lease document of the details of the memorandum referred to in that subsection which relates to the lease, extend over the area of land to be added, subject to such reservations, conditions and other provisions as are set out in the memorandum; and
(b) in the case of the lease to which the land is to cease to be subject - cease to have force or effect over or in relation to the area of land to be excised.