STATUTE LAW REVISION ACT 2005 (NO 44 OF 2005) - SECT 30 Amendment of Special Purposes Leases Act

STATUTE LAW REVISION ACT 2005 (NO 44 OF 2005) - SECT 30

(1)     This section amends the Special Purposes Leases Act .

(2)     Section 5C(4) –

    omit, substitute

    (4)     Subsection (4A) applies if –

    (a)     applications are invited for the right to the lease; or

    (b)     a person has entered into an agreement with the Minister for the grant of a lease under section 5B or has offered to accept a lease under that section and has paid rent or other moneys to the Territory for the land to which the offer relates.

    (4A)     The successful applicant or person referred to in subsection (4)(b) may –

    (a)     on or before the date of the grant of the lease, pay to the Territory the whole of the amount payable for the improvements; or

    (b)     subject to the terms and conditions the Minister thinks fit, pay to the Territory that amount (together with the prescribed interest on that amount) by the instalments the Minister determines; or

    (c)     on or before the date of the grant of the lease, pay to the Territory part of that amount, and execute in favour of the Territory a mortgage of the land included in the lease, in the form the Minister thinks fit, to secure the payment of the balance of the purchase money and the interest provided for in the mortgage.

(3)     Section 10A(2)(a) and (b) –

    omit

    reappraisement

    substitute

    re-appraisement

(4)     Section 10A(2)(b) –

    omit

    reappraised

    substitute

    re-appraised