sec.240NAdvice about entering transition to sale agreement

### sec.240N Advice about entering transition to sale agreement This section applies if the notice under section 240K (the 240K notice ) states that the chief executive proposes that the lessee and the chief executive enter into a transition to sale agreement, and within the time stated in the 240K notice by the chief executive— the lessee does not give notice that the lessee wishes to enter into a transition to sale agreement; or the lessee advises the chief executive that the lessee does not wish to enter into a transition to sale agreement. This section also applies if— the 240K notice states that the chief executive proposes that the lessee and the chief executive enter into a transition to sale agreement; and within the time stated in the 240K notice, the lessee gives notice that the lessee wishes to enter into a transition to sale agreement; and the chief executive and the lessee— within the time stated for this subparagraph in the 240K notice or a longer time approved by the chief executive, do not execute a transition to sale agreement; or earlier agree that the chief executive and the lessee are unable to agree on the terms of a transition to sale agreement. The chief executive may enter into possession of the lease and sell the lease under this subdivision unless the Minister or designated person takes action under subsection (4) or (5) . If the lease was allowed to be sold by the chief executive under section 236 , the Minister may withdraw the Minister’s decision to allow the chief executive to sell the lease, and may take other action under section 236 . If the lease was allowed to be sold by the chief executive under section 239 (2) (b) (iv) , the designated person may withdraw the designated person’s decision to allow the chief executive to sell the lease, and may take other action under section 239 . s 240N ins 2007 No. 19 s 125 amd 2010 No. 12 s 133 ; 2013 No. 23 s 352 sch 1 pt 1 (sec.240N-ssec.1) This section applies if the notice under section 240K (the 240K notice ) states that the chief executive proposes that the lessee and the chief executive enter into a transition to sale agreement, and within the time stated in the 240K notice by the chief executive— the lessee does not give notice that the lessee wishes to enter into a transition to sale agreement; or the lessee advises the chief executive that the lessee does not wish to enter into a transition to sale agreement. (sec.240N-ssec.2) This section also applies if— the 240K notice states that the chief executive proposes that the lessee and the chief executive enter into a transition to sale agreement; and within the time stated in the 240K notice, the lessee gives notice that the lessee wishes to enter into a transition to sale agreement; and the chief executive and the lessee— within the time stated for this subparagraph in the 240K notice or a longer time approved by the chief executive, do not execute a transition to sale agreement; or earlier agree that the chief executive and the lessee are unable to agree on the terms of a transition to sale agreement. (sec.240N-ssec.3) The chief executive may enter into possession of the lease and sell the lease under this subdivision unless the Minister or designated person takes action under subsection (4) or (5) . (sec.240N-ssec.4) If the lease was allowed to be sold by the chief executive under section 236 , the Minister may withdraw the Minister’s decision to allow the chief executive to sell the lease, and may take other action under section 236 . (sec.240N-ssec.5) If the lease was allowed to be sold by the chief executive under section 239 (2) (b) (iv) , the designated person may withdraw the designated person’s decision to allow the chief executive to sell the lease, and may take other action under section 239 . - (a) the lessee does not give notice that the lessee wishes to enter into a transition to sale agreement; or - (b) the lessee advises the chief executive that the lessee does not wish to enter into a transition to sale agreement. - (a) the 240K notice states that the chief executive proposes that the lessee and the chief executive enter into a transition to sale agreement; and - (b) within the time stated in the 240K notice, the lessee gives notice that the lessee wishes to enter into a transition to sale agreement; and - (c) the chief executive and the lessee— (i) within the time stated for this subparagraph in the 240K notice or a longer time approved by the chief executive, do not execute a transition to sale agreement; or (ii) earlier agree that the chief executive and the lessee are unable to agree on the terms of a transition to sale agreement. - (i) within the time stated for this subparagraph in the 240K notice or a longer time approved by the chief executive, do not execute a transition to sale agreement; or - (ii) earlier agree that the chief executive and the lessee are unable to agree on the terms of a transition to sale agreement. - (i) within the time stated for this subparagraph in the 240K notice or a longer time approved by the chief executive, do not execute a transition to sale agreement; or - (ii) earlier agree that the chief executive and the lessee are unable to agree on the terms of a transition to sale agreement.