Document ID: chunk:federal_register_of_legislation:C2008A00067:clause:1_3
Version: federal_register_of_legislation:C2008A00067
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 2091–3151

3  Subsection 19A(4)
Repeal the subsection, substitute:

Term of lease

 (4) The term of a lease granted under this section is the term specified in the lease (which must be at least 40 years and no more than 99 years). The term specified in the lease must not be varied. This subsection is subject to subsections (4A) and (5).

 (4A) A lease granted under this section may provide for the variation of the lease by way of one or more extensions of the term of the lease. The extensions must not result in the term of the lease being more than 99 years.

Interpretation

 (4B) Subsection (4A) does not limit variations of the lease in relation to other matters.

Operation of Lands Acquisition Act

 (4C) If an approved entity is the Commonwealth or a Commonwealth authority (within the meaning of the Lands Acquisition Act 1989), the Commonwealth or authority is authorised to acquire the interest (within the meaning of that Act) in land that arises under an extension of the term of a lease granted under this section (as mentioned in subsection (4A)).