sec.4Chief executive’s offer to convert

sec.4 Chief executive’s offer to convert

If the chief executive receives a conversion application, the chief executive must, as soon as practicable— work out the purchase price for converting the residential lease to freehold land; and give the lessee a written notice (an offer to convert ) stating each of the following— the purchase price; the period (the availability period ) during which the lessee may accept the offer to convert; the day (the effective day ) the lessee’s requirement to comply with the lease ends if the offer is accepted during the availability period; if the offer is subject to conditions under subsection (3) —the conditions. The offer to convert may state more than 1 purchase price for different effective days. The chief executive may make an offer to convert subject to any relevant condition stated in the offer, including, for example, the following conditions— that fees for converting the lease to freehold land, including, for example, fees prescribed under the Land Act 1994 or the Land Title Act 1994 , be paid by the lessee; that any costs reasonably incurred by the chief executive in converting the lease to freehold land be paid by the lessee. The chief executive may also give the lessee of a residential lease an offer to convert on the chief executive’s own initiative if the lessee has not made a conversion application. s 4 amd 1979 No. 5 s 19 ; 1980 No. 49 s 5 ; 1983 No. 9 s 20 sub 2003 No. 52 s 153 sch 2 (amd 2005 No. 33 s 11 (retro)); 2005 No. 46 ss 13 – 14 (sec.4-ssec.1) If the chief executive receives a conversion application, the chief executive must, as soon as practicable— work out the purchase price for converting the residential lease to freehold land; and give the lessee a written notice (an offer to convert ) stating each of the following— the purchase price; the period (the availability period ) during which the lessee may accept the offer to convert; the day (the effective day ) the lessee’s requirement to comply with the lease ends if the offer is accepted during the availability period; if the offer is subject to conditions under subsection (3) —the conditions. (sec.4-ssec.2) The offer to convert may state more than 1 purchase price for different effective days. (sec.4-ssec.3) The chief executive may make an offer to convert subject to any relevant condition stated in the offer, including, for example, the following conditions— that fees for converting the lease to freehold land, including, for example, fees prescribed under the Land Act 1994 or the Land Title Act 1994 , be paid by the lessee; that any costs reasonably incurred by the chief executive in converting the lease to freehold land be paid by the lessee. (sec.4-ssec.4) The chief executive may also give the lessee of a residential lease an offer to convert on the chief executive’s own initiative if the lessee has not made a conversion application.

• (a) work out the purchase price for converting the residential lease to freehold land; and