sec.55Reservations of forest products and quarry material etc.

sec.55 Reservations of forest products and quarry material etc.

A deed of grant of transferred land may contain a reservation to the State of forest products or quarry material above, on or below the surface of the land only if the Minister declares that— the forest products or quarry material is of vital State interest; and the rights in the forest products or quarry material are reserved to the State. If a deed of grant of transferred land does not contain a reservation of particular forest products or quarry material above, on or below the land, the Minister may declare that— the forest products or quarry material are of vital State interest; and rights in the forest products or quarry material are acquired by the State. If the Minister makes a declaration under subsection (1) or (2) , the trustee of the land is entitled to be paid by the State such reasonable compensation because of the reservation or acquisition as is agreed between the State and the trustee or, failing agreement, as is determined by the Land Court. Despite subsection (1) , a permit, lease, licence, agreement or contract granted or made under the Forestry Act 1959 , before the day on which land became transferred land, in relation to the getting and selling of forest products or quarry material above, on or below the surface of the land, continues in force as if this section had not been enacted. s 55 prev s 55 om 2011 No. 26 s 45 pres s 55 amd 1991 No. 76 s 9 ; 1993 No. 85 s 161B (amd 1994 No. 61 s 2 sch 2 ); 2008 No. 29 s 26 ; 2011 No. 26 s 189 sch ; 2019 No. 17 s 16 (sec.55-ssec.1) A deed of grant of transferred land may contain a reservation to the State of forest products or quarry material above, on or below the surface of the land only if the Minister declares that— the forest products or quarry material is of vital State interest; and the rights in the forest products or quarry material are reserved to the State. (sec.55-ssec.2) If a deed of grant of transferred land does not contain a reservation of particular forest products or quarry material above, on or below the land, the Minister may declare that— the forest products or quarry material are of vital State interest; and rights in the forest products or quarry material are acquired by the State. (sec.55-ssec.3) If the Minister makes a declaration under subsection (1) or (2) , the trustee of the land is entitled to be paid by the State such reasonable compensation because of the reservation or acquisition as is agreed between the State and the trustee or, failing agreement, as is determined by the Land Court. (sec.55-ssec.4) Despite subsection (1) , a permit, lease, licence, agreement or contract granted or made under the Forestry Act 1959 , before the day on which land became transferred land, in relation to the getting and selling of forest products or quarry material above, on or below the surface of the land, continues in force as if this section had not been enacted.