8Acceptance of offer to purchase

8 Acceptance of offer to purchase

(1)  The eligible owners to whom an offer to purchase an affected property is made under section 7(1) may accept the offer or reject the offer.

(2)  An offer to purchase an affected property may only be accepted, or rejected, by all the eligible owners of the property jointly.

(3)  An offer to purchase an affected property may only be accepted by the eligible owners of the affected property within –

(a) 90 days after the offer is received by the eligible owners under section 7(1) ; or

(b) a longer period allowed by the Minister under subsection (6) .

(4)  The eligible owners to whom an offer is made under section 7(1) are taken to have rejected the offer if they have not accepted the offer within –

(a) 90 days after the offer is received by the owners; or

(b) a longer period allowed by the Minister under subsection (6) .

(5)  The eligible owners to whom an offer to purchase property is made under section 7(1) may apply to the Minister for an extension of the period of 90 days in which to accept or reject the offer.

(6)  The Minister, on receipt of an application under subsection (5) , may extend the period of time under subsections (3) and (4) in which the eligible owners may accept or reject the offer.