59Port of Melbourne leases

59 Port of Melbourne leases

(1) A provision of a port of Melbourne lease (or of any agreement or arrangement entered into in connection with a port of Melbourne lease) dealing with a matter set out in subsection (2) has effect according to its terms despite any law or rule to the contrary.

(2) The matters are—

(a) the payment of any amount by way of premium under the lease and the retention of any such amount by the lessor or the State; and

(b) the circumstances or conditions under which the lease may be terminated by the lessor or lessee (including a provision of a lease to the effect that it is only terminable in accordance with its terms and not at will); and

(c) the application of section 139, 144 or 146(2) or (4) of the Property Law Act 1958 to or in relation to the lease (or any lease under the lease); and

(d) the entitlement to, or the retention or application of, a security provided in relation to the lease; and

(e) the payment of a sum that is in the nature of a penalty; and

(f) the ownership of, or the vesting or forfeiture of ownership of, or a right or option to acquire, any real or personal property on termination of the lease or on the occurrence of some other specified event or other thing; and

(g) the pre-payment of amounts payable by way of rent under the lease and the retention of any such amounts by the lessor or the State; and

(h) the continuance of the lease despite the occurrence of unintended or unforeseen circumstances; and

(i) the continuance of the obligation to pay rent despite the occurrence of unintended or unforeseen circumstances; and

(j) the amount payable, or the non-payment of an amount, in consequence of a breach or early termination of the lease; and

(k) the liability of the lessor or lessee in relation to the leased assets; and

(l) the non-refundability of any payment made on account of rent, a premium, an option fee, outgoings, a security deposit or otherwise in relation to the lease; and

(m) the operation of any set-off.

(3) A port of Melbourne lease may include provision for the removal by the lessee of any fixture severable from the land leased.

(4) The Premier, by order, may designate a lease or licence of port assets as a port of Melbourne lease for the purposes of this section.

(5) In this section—

port of Melbourne lease means—

(a) a lease or licence of port assets entered into for the purposes of an authorised transaction; or

(b) a lease or licence of all or a part of the port of Melbourne seabed entered into for the purposes of an authorised transaction; or