Document ID: chunk:federal_register_of_legislation:C2024C00450:section:40
Version: federal_register_of_legislation:C2024C00450
Segment Type: section
Provision Reference: s 40
Character Range: 42967–45261

40  Acquisition by agreement
 (1) The Minister may authorise the acquisition by agreement of an interest in land, other than land in a public park, by an acquiring authority for a public purpose.
 (2) The acquiring authority may then enter into an agreement for the acquisition of the interest if:
 (a) a pre‑acquisition declaration in relation to the acquisition has become absolute and is in force;
 (b) the Minister has given a certificate under section 24 in respect of the acquisition;
 (c) the interest is available in the market; or
 (d) the interest is owned by the Commonwealth or a Commonwealth authority.
 (3) Subject to subsection (3A), the Minister shall cause to be laid before each House of the Parliament, within 15 sitting days of that House after the agreement is entered into, a statement describing:
 (a) the interest;
 (b) the situation of the land;
 (c) the price at which the interest is being, or has been, acquired; and
 (d) the public purpose for which the interest is being, or has been, acquired.
 (3A) Subsection (3) does not apply to an agreement for the acquisition of an interest that is available in the market.
 (4) Failure to comply with subsection (3) in relation to an acquisition does not invalidate the acquisition.
 (5) The interest shall be taken to be available in the market if:
 (a) the interest is currently advertised as being available for sale or lease;
 (b) the interest is currently listed with a real estate agent, property manager or other person performing similar services as being available for sale or lease;
 (c) the owner of the interest has offered it to the acquiring authority in response to a publicly advertised request by the acquiring authority and the owner's offer has not been withdrawn; or
 (d) the Minister has certified under subsection (6) that the acquisition of the interest by agreement by the acquiring authority would be a standard commercial transaction.
 (6) If the Minister is satisfied that the acquisition of an interest in land by an acquiring authority would amount to a normal commercial transaction between parties dealing with each other on equal terms, the Minister may give a certificate stating that the acquisition of the interest by the acquiring authority would be a standard commercial transaction.