174Residence area right may be converted to purchase lease

174 Residence area right may be converted to purchase lease S. 174(1) amended by Nos 10087 s. 3(1)(Sch. 1 item 130), 41/1987 s. 103(Sch. 4 item 39.32), 76/1998 s. 11(h). (1) Any holder of a residence area right may apply to the Secretary for permission to convert the right to a purchase lease. S. 174(2) amended by No. 92/1990 s. 128(Sch 1 item 13.6 (a)(b)). (2) If the Minister is satisfied that— (a) a habitable dwelling has been erected on such residence area; and (b) the holder thereof 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 the land for any reason of a public nature the holder on payment of the survey fees shall be entitled to the grant of a purchase lease of the residence area. (3) The purchase price under a purchase lease shall be determined as provided in subsection (3) of section 173. (4) A lease granted under this section shall be subject to such conditions and covenants as the Governor in Council thinks fit. (5) Where the purchase price— does not exceed $500—the term of the lease shall not exceed 10 years; exceeds $500 but does not exceed $1000—the term of the lease shall not exceed 20 years; exceeds $1000 but does not exceed $2000—the term of the lease shall not exceed 30 years; exceeds $2000—the term of the lease shall not exceed 40 years. S. 174(6) amended by Nos 10087 s. 3(1)(Sch. 1 item 130), 41/1987 s. 103(Sch. 4 item 39.32), 76/1998 s. 11(h). (6) The lessee shall not assign or mortgage his interest in the land without the consent of the Secretary. (7) The purchase price shall be payable by equal half‑yearly payments of rent and no interest shall be payable other than on arrears in accordance with section 228. S. 175 substituted by No. 8304 s. 2.