sec.129AFurther dealings with lease land on completion of significant development

### sec.129A Further dealings with lease land on completion of significant development The Minister may include the following in a lease for significant development— a purchase price, or formula for calculating the purchase price, if the land is converted to freehold land; the term of a new lease for operating and maintaining the significant development, if a new lease is granted. If a price, formula or term mentioned in subsection (1) is included in the lease, the lessee may, after the significant development is substantially complete, apply to the Minister to purchase the lease land or enter a new lease to operate and maintain the significant development. If the Minister is satisfied the lessee has complied with the terms of the lease, the Minister must— for an application to purchase the land—ask the Governor in Council to grant the land in fee simple to the lessee; or for an application for a new lease—grant the application. If a deed of grant or new lease is issued over part of the land the subject of a significant development lease, the rest of the land must be dedicated as a reserve or road. s 129A ins 2010 No. 12 s 104 (sec.129A-ssec.1) The Minister may include the following in a lease for significant development— a purchase price, or formula for calculating the purchase price, if the land is converted to freehold land; the term of a new lease for operating and maintaining the significant development, if a new lease is granted. (sec.129A-ssec.2) If a price, formula or term mentioned in subsection (1) is included in the lease, the lessee may, after the significant development is substantially complete, apply to the Minister to purchase the lease land or enter a new lease to operate and maintain the significant development. (sec.129A-ssec.3) If the Minister is satisfied the lessee has complied with the terms of the lease, the Minister must— for an application to purchase the land—ask the Governor in Council to grant the land in fee simple to the lessee; or for an application for a new lease—grant the application. (sec.129A-ssec.4) If a deed of grant or new lease is issued over part of the land the subject of a significant development lease, the rest of the land must be dedicated as a reserve or road. - (a) a purchase price, or formula for calculating the purchase price, if the land is converted to freehold land; - (b) the term of a new lease for operating and maintaining the significant development, if a new lease is granted. - (a) for an application to purchase the land—ask the Governor in Council to grant the land in fee simple to the lessee; or - (b) for an application for a new lease—grant the application.