sec.240PAuction or sale of lease

### sec.240P Auction or sale of lease This section states requirements that apply for the sale of the lease by the chief executive under this subdivision. The chief executive must first offer the lease for sale by public auction. However, the chief executive may with the Minister’s written approval sell the lease by private contract. Sections 114 (1) , 115 , 116 and 117 apply, with the necessary changes, to a sale by the chief executive under this subdivision. Transfers for the sale of a lease by the chief executive are dealt with under chapter 6 , part 4 , division 1 . The lease must not be offered for sale by public auction, and the chief executive must not enter into a contract of sale under subsection (3) , until at least 28 days after the chief executive has published a sale notice under applied section 114 . The imposed conditions that are to apply to the lease after its sale and that are stated in the sale notice may be different from the imposed conditions applying to the lease before the sale. The consent of the holder of any registered interest in the lease is not required for the registration of the transfer of the lease. The imposed conditions that are to apply to the lease after the sale must be registered when the transfer is registered. If the sale of the lease is not completed within 2 years after this subdivision starts to apply to the lease— 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 forfeit the lease under section 236 ; or 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 forfeit the lease under section 239 . s 240P ins 2007 No. 19 s 125 amd 2010 No. 12 ss 134 , 169 (sec.240P-ssec.1) This section states requirements that apply for the sale of the lease by the chief executive under this subdivision. (sec.240P-ssec.2) The chief executive must first offer the lease for sale by public auction. (sec.240P-ssec.3) However, the chief executive may with the Minister’s written approval sell the lease by private contract. (sec.240P-ssec.4) Sections 114 (1) , 115 , 116 and 117 apply, with the necessary changes, to a sale by the chief executive under this subdivision. Transfers for the sale of a lease by the chief executive are dealt with under chapter 6 , part 4 , division 1 . (sec.240P-ssec.5) The lease must not be offered for sale by public auction, and the chief executive must not enter into a contract of sale under subsection (3) , until at least 28 days after the chief executive has published a sale notice under applied section 114 . (sec.240P-ssec.6) The imposed conditions that are to apply to the lease after its sale and that are stated in the sale notice may be different from the imposed conditions applying to the lease before the sale. (sec.240P-ssec.7) The consent of the holder of any registered interest in the lease is not required for the registration of the transfer of the lease. (sec.240P-ssec.8) The imposed conditions that are to apply to the lease after the sale must be registered when the transfer is registered. (sec.240P-ssec.9) If the sale of the lease is not completed within 2 years after this subdivision starts to apply to the lease— 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 forfeit the lease under section 236 ; or 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 forfeit the lease under section 239 . - (a) 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 forfeit the lease under section 236 ; or - (b) 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 forfeit the lease under section 239 .