sec.5BAcceptance and payment of purchase price

sec.5B Acceptance and payment of purchase price

The lessee of the lease may accept the purchase price stated in the relevant price notice during the availability period by giving written notice (the acceptance notice ) to the chief executive of the lessee’s acceptance. Immediately after the chief executive receives the acceptance notice, the chief executive must give the lessee a written acknowledgement stating the day the chief executive received the notice. If the lessee accepts the purchase price during the availability period, the lessee must, within 30 days after the chief executive receives the lessee’s acceptance notice— pay the purchase price to the chief executive; and give the chief executive all documents required to surrender the lease; and comply with the conditions stated in the relevant price notice. If the lessee complies with subsection (3) , section 4C applies in relation to the lease as if the lessee had accepted an offer to convert under subdivision 1 . If the lessee does not accept the purchase price during the availability period, the lease— is no longer a conversion in progress lease; and subject to division 3 , may be converted to freehold land under subdivision 1 . If the lessee accepts the purchase price during the availability period but does not comply with subsection (3) — the purchase price lapses at the end of the 30 day period; and the lease— is no longer a conversion in progress lease; and subject to division 3 , may be converted to freehold land under subdivision 1 . In this section— availability period means— if the lessee is an existing notice lessee—3 months after the relevant price notice was given to the lessee; or otherwise—the availability period stated in the offer to convert given to the lessee under section 5A. existing notice lessee means a lessee who was given notice of the purchasing price for the land contained in the lease under previous section 5(4). relevant price notice means— if the lessee is an existing notice lessee—the notice given to the lessee under previous section 5(4); or if the lessee was given an offer to convert under section 5A—the offer. s 5B ins 2005 No. 46 s 14 amd 2009 No. 19 s 28 (sec.5B-ssec.1) The lessee of the lease may accept the purchase price stated in the relevant price notice during the availability period by giving written notice (the acceptance notice ) to the chief executive of the lessee’s acceptance. (sec.5B-ssec.2) Immediately after the chief executive receives the acceptance notice, the chief executive must give the lessee a written acknowledgement stating the day the chief executive received the notice. (sec.5B-ssec.3) If the lessee accepts the purchase price during the availability period, the lessee must, within 30 days after the chief executive receives the lessee’s acceptance notice— pay the purchase price to the chief executive; and give the chief executive all documents required to surrender the lease; and comply with the conditions stated in the relevant price notice. (sec.5B-ssec.4) If the lessee complies with subsection (3) , section 4C applies in relation to the lease as if the lessee had accepted an offer to convert under subdivision 1 . (sec.5B-ssec.5) If the lessee does not accept the purchase price during the availability period, the lease— is no longer a conversion in progress lease; and subject to division 3 , may be converted to freehold land under subdivision 1 . (sec.5B-ssec.6) If the lessee accepts the purchase price during the availability period but does not comply with subsection (3) — the purchase price lapses at the end of the 30 day period; and the lease— is no longer a conversion in progress lease; and subject to division 3 , may be converted to freehold land under subdivision 1 . (sec.5B-ssec.7) In this section— availability period means— if the lessee is an existing notice lessee—3 months after the relevant price notice was given to the lessee; or otherwise—the availability period stated in the offer to convert given to the lessee under section 5A. existing notice lessee means a lessee who was given notice of the purchasing price for the land contained in the lease under previous section 5(4). relevant price notice means— if the lessee is an existing notice lessee—the notice given to the lessee under previous section 5(4); or if the lessee was given an offer to convert under section 5A—the offer.