Document ID: chunk:federal_register_of_legislation:C2004A05331:clause:1_2
Version: federal_register_of_legislation:C2004A05331
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 2145–4879

2  Subsections 21(2) and (3)
Repeal the subsections, substitute:

No disposal without Commission's consent

 (2) The individual or body must not dispose of the interest without the Commission's written consent to that particular disposal or to a disposal of that kind.

Consent must specify person who is to acquire interest

 (3) The consent must specify the disposal, or the kind of disposal, it covers by identifying the person or class of persons to whom the interest is to be disposed of.

Other ways in which consent may specify disposal

 (4) Subsection (3) does not prevent a consent from further specifying a particular disposal, or a kind of disposal, in other ways.

Disposal without Commission's consent is invalid

 (5) A purported disposal of the interest by the individual or body has no effect unless it is covered by the Commission's written consent.

Conditional consent

 (6) The Commission may attach a condition to its consent by specifying the condition in the document setting out the consent.

Contravention of condition does not affect disposal

 (7) Contravention of a condition attached to the Commission's consent does not affect the disposal of the interest by the individual or body.

Contravention of condition on using proceeds of disposal

 (8) However, the Commission may give the individual or body written notice requiring the individual or body to pay the Commission the amount specified in the notice if:
 (a) the interest disposed of was acquired by the individual or body either:
 (i) using money granted by the Commission to the individual or body under paragraph 14(1)(a) after the commencement of this subsection; or
 (ii) as a result of the grant of an interest in land by the Commission under paragraph 14(1)(b) after the commencement of this subsection; and
 (b) the condition attached to the Commission's consent was that some or all of the proceeds of the disposal be applied for a purpose specified by the Commission; and
 (c) the Commission is satisfied that the condition was not complied with.

Amount that must be paid

 (9) The Commission must not specify in the notice an amount greater than the amount of the grant made to the individual or body under paragraph 14(1)(a) or (b).

Liability to pay

 (10) An individual or body given a notice is liable to pay the Commission the amount specified in the notice.

Requirement to pay under notice does not affect other remedies

 (11) Subsections (8), (9) and (10) do not affect the availability to the Commission of any legal or equitable remedy for contravention of a condition attached to the Commission's consent.

Note: The following heading to subsection 21(1) is inserted "Interests to which this section applies".