4Restrictions on sale or lease of land in First Schedule to Agreement

4 Restrictions on sale or lease of land in First Schedule to Agreement

4 Restrictions on sale or lease of land in First Schedule to Agreement

The Company shall not, unless the written consent of the Minister be first obtained, sell or dispose of or lease for a term exceeding three years from the execution of the lease the lands described in the First Schedule to the Agreement or any part thereof: Provided that this section shall cease to operate—

(a) upon the Minister stating in writing that the Company has performed the provisions of subclause (a) of clause one of the Agreement, or

(b) upon the Company paying to the Minister the liquidated damages covenanted by it in subclause (b) of clause one of the Agreement to be paid to him, or

(c) upon the Auditor-General certifying that the total sum arrived at by adding together the cost of the permanent and fixed improvements erected and constructed and caused to be erected and constructed within four years from the first day of January, one thousand nine hundred and fifty-three (or such further time, if any, allowed by the Auditor-General in writing) by the Company upon the said lands and the other lands referred to in subclause (a) of clause one of the Agreement for the purpose of carrying on industrial operations thereon and all other expenditure incurred by the Company in relation to the project generally is the equivalent of at least ten million pounds Australian currency.

In this section the terms permanent and fixed improvements and industrial operations and all other expenditure incurred by the Company in relation to the project generally and project have the meanings respectively ascribed to them in subclause (h) of clause one of the Agreement.