125Minister to approve acquisition, disposal etc. of interests in overseas land

#### 125 Minister to approve acquisition, disposal etc. of interests in overseas land (1) An acquiring authority shall not acquire an interest in overseas land otherwise than in accordance with this section unless: (a) the regulations provide that this Act does not apply in relation to the acquisition, by the acquiring authority, of interests in land in specified circumstances and the acquisition is an acquisition in those circumstances; (b) the acquisition consists of the taking of a mortgage, charge or other similar security over the interest; or (c) the interest is acquired otherwise than by agreement. (2) An acquiring authority shall not dispose of an interest in overseas land otherwise than in accordance with this section unless: (a) the regulations provide that this Act does not apply in relation to the disposal, by the acquiring authority, of interests in land in specified circumstances and the disposal is a disposal in those circumstances; or (b) the disposal results from the exercise by the acquiring authority of powers conferred by a mortgage, charge or other similar security over the interest. (3) An interest in overseas land may be acquired or disposed of by an acquiring authority under the written authority of the Minister. (4) A law of the Commonwealth (including a law passed or made after the commencement of this Act) does not authorise an acquiring authority to: (a) acquire an interest in overseas land otherwise than in accordance with this section; or (b) dispose of an interest in overseas land otherwise than in accordance with this section; unless the law, or another law of the Commonwealth, expressly provides that the first‑mentioned law has effect despite this Act. (5) Where an interest in overseas land is acquired by an acquiring authority by agreement, the Minister shall cause to be laid before each House of the Parliament, within 15 sitting days of that House after the acquisition takes effect, a statement setting out particulars of the interest and, unless the Minister otherwise determines, of the consideration for the acquisition.