47Commencement of further lease granted after surrender of lease

47 Commencement of further lease granted after surrender of lease

(1) This section applies if a lessee: (a) surrenders one or more leases; and (b) is granted in substitution a further lease (the new lease). (2) This section applies whether or not the new lease contains the land, or part of the land, comprised in the surrendered lease or leases. (3) Subject to subsection (4), the commencement date of the new lease is to be the same as that in the surrendered lease or leases if: (a) only one lease is surrendered; or (b) 2 or more leases are surrendered and they have the same commencement date. (4) If the lease or leases are surrendered in connection with the Minister’s approval of a variation of lease under Division 3, the commencement date of the new lease is the date determined by the Minister.