sec.155AAApplication of div 1B

### sec.155AA Application of div 1B This division applies to a term lease if— the lease is for rural leasehold land; and the lease land is 1,000ha or more; and the term is 20 years or more; and there is a land management agreement for the lease; and more than 5 years have passed since the lease was entered into or the land management agreement was first registered, whichever is the later, unless the Minister is satisfied that special circumstances exist; and no more than 80% of the existing term of the lease has expired. However, this division does not apply to a rolling term lease whose term has been extended under division 2 , subdivision 3 . In this section— existing term , of the lease, does not include any extension of the lease granted under section 155A , 155B or 155BA . s 155AA ins 2010 No. 12 s 108 amd 2013 No. 23 s 66 ; 2014 No. 29 s 36 (sec.155AA-ssec.1) This division applies to a term lease if— the lease is for rural leasehold land; and the lease land is 1,000ha or more; and the term is 20 years or more; and there is a land management agreement for the lease; and more than 5 years have passed since the lease was entered into or the land management agreement was first registered, whichever is the later, unless the Minister is satisfied that special circumstances exist; and no more than 80% of the existing term of the lease has expired. (sec.155AA-ssec.2) However, this division does not apply to a rolling term lease whose term has been extended under division 2 , subdivision 3 . (sec.155AA-ssec.3) In this section— existing term , of the lease, does not include any extension of the lease granted under section 155A , 155B or 155BA . - (a) the lease is for rural leasehold land; and - (b) the lease land is 1,000ha or more; and - (c) the term is 20 years or more; and - (d) there is a land management agreement for the lease; and - (e) more than 5 years have passed since the lease was entered into or the land management agreement was first registered, whichever is the later, unless the Minister is satisfied that special circumstances exist; and - (f) no more than 80% of the existing term of the lease has expired.