Document ID: chunk:federal_register_of_legislation:C2024C00680:section:29
Version: federal_register_of_legislation:C2024C00680
Segment Type: section
Provision Reference: s 29
Character Range: 45343–47404

29  Re‑transfer of lease—enforcement of loan security

Re‑transfer
 (1) If:
 (a) a person acquires an airport lease; and
 (b) the acquisition is by way of the enforcement of a loan security;
the person must transfer the lease to a qualified company:
 (c) within 90 days after acquiring the lease; or
 (d) if a longer period is specified in a written notice given to the person by the Minister—within that longer period.

Entry into possession
 (1A) If:
 (a) an airport lease is subject to a loan security; and
 (b) the lender enters into possession of the land to which the lease relates; and
 (c) the entry into possession is by way of the enforcement of the loan security;
the lender must cause the lease to be transferred to a qualified company:
 (d) within 90 days after the lender entered into possession; or
 (e) if a longer period is specified in a written notice given to the lender by the Minister—within that longer period.

Offence
 (2) A person commits an offence if:
 (a) the person is subject to a requirement to transfer a lease under subsection (1) or (1A); and
 (b) the person engages in conduct; and
 (c) the person's conduct contravenes the requirement.
Penalty: 400 penalty units.

Strict liability
 (2A) Strict liability applies to paragraph (2)(a).
Note: For strict liability, see section 6.1 of the Criminal Code.

Court orders
 (3) If:
 (a) a person contravenes subsection (1) or (1A) in relation to an airport lease; and
 (b) the Minister applies to the Federal Court for an order terminating the lease;
the court may make such orders as the court considers appropriate for the purpose of terminating the lease.

Criteria for making order
 (4) In deciding whether to make such an order, the court must have regard to:
 (a) whether the person made reasonable efforts to obtain the Minister's approval for the transfer of the lease to another person; and
 (b) the reasonableness of the Minister's decisions under paragraph (1)(d) or (1A)(e) in relation to the lease; and
 (c) such other matters (if any) as the court considers relevant.