37Disposal of land

37 Disposal of land

(1) Without the prior approval of the Minister, the University must not alienate any land granted in fee simple under section 36(6)(a) whether—

(a) the alienation of the land is in fee simple or for a lesser estate or interest; or

(b) the alienation of the land is—

(i) total or partial; or

(ii) subject to conditions.

(2) Subsection (1) does not apply to a leasehold interest not exceeding 21 years.

(3) Without the prior approval of the Minister, the University must not alienate any interest in fee simple in any land owned by the University, other than land referred to in section 36(6)(a), if the sum of the consideration for the transfer or conveyance of that interest exceeds—

(a) $5 000 000; or

(b) any other greater amount that the Minister fixes by notice published in the Government Gazette.

(4) Without the prior approval of the Minister, the University must not grant a lease for a term exceeding 21 years of any land owned by the University other than land referred to in section 36(6)(a).

(5) Subject to section 38, this section has effect despite any Act or law to the contrary, including any rule of common law.