sec.478Right to a post-Wolfe freeholding lease

### sec.478 Right to a post-Wolfe freeholding lease The lessee of a special lease, other than a lease for grazing or agricultural purposes, who has an offer for conversion to freehold approved under section 168 may elect in writing to pay the purchase price by instalments. If a lessee elects to pay the purchase price by instalments— the Governor in Council may issue a post-Wolfe freeholding lease for a maximum term of 30 years; and the lessee may pay the market value of the commercial timber by instalments on terms stated by the Minister; and the conditions, purpose and encumbrances of the special lease transfer to the post-Wolfe freeholding lease. The conditions mentioned in subsection (2) (c) do not include conditions— the Minister is satisfied are redundant in the context of the post-Wolfe freeholding lease; and are expressly or impliedly excluded from the post-Wolfe freeholding lease when it is issued. s 478 amd 1997 No. 78 s 69 ; 2014 No. 45 s 61C ; 2023 No. 2 s 108 sch 1 (sec.478-ssec.1) The lessee of a special lease, other than a lease for grazing or agricultural purposes, who has an offer for conversion to freehold approved under section 168 may elect in writing to pay the purchase price by instalments. (sec.478-ssec.2) If a lessee elects to pay the purchase price by instalments— the Governor in Council may issue a post-Wolfe freeholding lease for a maximum term of 30 years; and the lessee may pay the market value of the commercial timber by instalments on terms stated by the Minister; and the conditions, purpose and encumbrances of the special lease transfer to the post-Wolfe freeholding lease. (sec.478-ssec.3) The conditions mentioned in subsection (2) (c) do not include conditions— the Minister is satisfied are redundant in the context of the post-Wolfe freeholding lease; and are expressly or impliedly excluded from the post-Wolfe freeholding lease when it is issued. - (a) the Governor in Council may issue a post-Wolfe freeholding lease for a maximum term of 30 years; and - (b) the lessee may pay the market value of the commercial timber by instalments on terms stated by the Minister; and - (c) the conditions, purpose and encumbrances of the special lease transfer to the post-Wolfe freeholding lease. - (a) the Minister is satisfied are redundant in the context of the post-Wolfe freeholding lease; and - (b) are expressly or impliedly excluded from the post-Wolfe freeholding lease when it is issued.