59Aquaculture lease may be subdivided—the Act, s 191(m1)

59 Aquaculture lease may be subdivided—the Act, s 191(m1)

59 Aquaculture lease may be subdivided—the Act, s 191(m1)

(1) An application by a lessee for the subdivision of a lease (the original lease) into 2 or more leases (the resulting leases) must be—

(a) made to the Minister in the approved form, and

(b) accompanied by the processing fee specified in Schedule 3, Part 2, item 23.

(2) The Minister must—

(a) grant the application, or

(b) refuse to grant the application.

(3) If the Minister grants the application—

(a) the term of each resulting lease must be the same as the remainder of the term of the original lease, and

(b) the Minister may decide—

(i) the covenants and conditions of the leases resulting from the subdivision, and

(ii) the rent payable for the leases, and

(iii) other matters necessary to prepare the lease documents, and

(c) the Minister must give the lessee the following documents—

(i) a copy of the plan of the leased area comprised in each lease,

(ii) a draft lease document for each leased area in accordance with Schedule 2, Form 1.

(4) The subdivision of the original lease has no effect unless the lessee lodges with the Minister the draft lease documents signed by the lessee within—

(a) 60 days after being given the documents under subsection (3)(c), or

(b) a longer period allowed by the Minister.

(5) The subdivision of the original lease does not extinguish a debt to the Crown or Minister relating to the original lease, except to the extent directed by the Minister.

(6) The Minister must publish notice of the subdivision of the original lease in the Gazette.

(7) The subdivision of the original lease does not affect the application of the Act, section 167(3) in relation to the first renewal of the resulting leases after the grant of the original lease.