173Right of holder of residence area to purchase land

173 Right of holder of residence area to purchase land S. 173(1) amended by Nos 10087 s. 3(1)(Sch. 1 item 130), 41/1987 s. 103(Sch. 4 item 39.31), 76/1998 (1) The holder of a residence area right may apply to the Secretary for permission to purchase the land the subject of the right. S. 173(2) amended by No. 92/1990 s. 128(Sch. 1 item 13.5 (a)(b)). (2) If the Minister is satisfied that— (a) a habitable dwelling has been erected on the land; and (b) the holder has complied with the provisions of this Division the regulations and any conditions to which the right is subject— and if there is no objection to the alienation of such land for any reason of a public nature, the holder on payment of the survey fees shall have the exclusive right of purchasing such land. (3) The market value of the land shall be assessed by an appraiser appointed by the Minister and the purchase price shall be determined by deducting from the amount so assessed 50 per centum thereof (being an allowance made in respect of the holder's interest in the land) and taking the result to the nearest dollar. (4) A Crown grant issued by the Governor in Council pursuant to this section shall contain such conditions exceptions and reservations as the Governor in Council thinks fit. S. 174 substituted by No. 8304 s. 2.