Victorian Consolidated Legislation

Land Act 1958 - SECT 114

Conditional purchase leases

114. Conditional purchase leases



(1) Every conditional purchase lease shall be for such a term of years as may
be agreed upon by the lessee and the Minister, and shall provide for payment
of the value of the allotment with interest thereon at the rate of four and a
half per centum per annum by sixty-three half-yearly instalments or such
lesser number as may be agreed upon each being of equal amount except the last
which may be less than any of the preceding instalments.

(2) Every such half-yearly instalment shall consist partly of principal money
and partly of interest and the first of such half-yearly instalments shall be
deemed to be due at the expiration of the first half-year of such lease.

(3) The Minister shall cause to be prepared or procured tables showing how
much of each and every instalment is a payment on account of principal and how
much thereof is for interest, and showing what balance of principal is owing
after each half-yearly payment.



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(5) At any time after the expiration of the first six years of any such lease
provided that the Minister is satisfied that all the covenants and conditions
thereof have been complied with the lessee may with the written consent of the
Minister transfer assign mortgage sublet or part with the possession of the
whole or any part of the land demised.

(6) At any time after the expiration of the first six years of any such lease
provided that the Minister is satisfied that all the covenants and conditions
thereof have been complied with and the fencing and improvements maintained
and that the full purchase money for such land and for any improvements
thereon has been paid, a Crown grant for the land may be issued.

(7) The amount to be paid by any lessee of an allotment who is not in arrear
with his half-yearly instalments and who at the end of any half-year desires
to acquire the fee-simple thereof after the expiration of six years but before
the termination of the lease shall be an amount equal to the balance of the
principal.

(8) Every lease shall be liable to forfeiture if at any time more than one
half-yearly instalment is in arrear, but forfeiture for non-payment of any
instalment may with the consent of the Minister be prevented by payment
thereof together with an additional sum of Five per centum of the amount of
such instalment, but no forfeiture shall operate to extinguish any debt to the
Crown in respect of such instalment.