What it does
This Act authorises and requires the Northern Territory to implement and give effect to a specified Project Development Agreement, the Ichthys Project Development Agreement made on 18 July 2008 (the Agreement). The Act backdates commencement to 18 July 2008 (s 2) and binds the Crown in right of the Territory (s 3). It defines the Agreement and declares that the Agreement includes any agreement, lease or right made or granted under it, and that it may be amended and remain in force (s 4). Mechanically, the Act does three principal things.
First, it mandates that the Territory must give effect to provisions of the Agreement that deal with Crown land transactions of particular kinds. Section 5(2) specifies categories of Agreement provisions that trigger this mandatory obligation: transfers or grants of fee simple estates, leases, licences or other tenures and rights in relation to Crown land to parties, statutory corporations or other persons; options to acquire such interests; fixation of purchase price terms for those grants; renewal or extension of lease terms; dealings such as assignment, mortgage, charge, encumbrance, sub-letting or surrender of possession; easements including easements in gross; covenants that run with the land; and restraints on how the Territory deals with Crown land. Where such a provision appears in the Agreement, s 5(4) directs that, despite any provision of another Act, the Territory must give effect to the Agreement provision.
Second, it treats the Land Development Corporation (the Corporation) as bound by the Agreement and as obliged to accept vesting of land as provided by the Agreement even if the Corporation was not a contracting party (s 6). The Act declares that the Agreement has effect in accordance with its terms and binds the Corporation (s 6(2)(a)-(b)), and imposes a statutory obligation on the Corporation to accept a grant or transfer of land where the Agreement provides for vesting in the Corporation (s 6(3)-(4)).