18Powers of Council relating to University property

18 Powers of Council relating to University property

18 Powers of Council relating to University property

(1) The Council has the control and management of land and other property vested in the University.

(2) The Council may, for the purposes of this Act—

(a) acquire land and other property, and

(b) agree to carry out conditions of the acquisition of the land or other property, and

(c) grant easements and covenants over land vested in the University, and

(d) subject to subsections (3)–(5), dispose of or otherwise deal with the following—

(i) land vested in the University,

(ii) other property of the University.

(3) The Council must not sell, mortgage, charge or lease relevant land without the Minister’s approval.

(4) Despite subsection (3), the Council does not require the Minister’s approval to—

(a) lease relevant land if—

(i) the term of the lease is no more than 21 years, and

(ii) the Council is satisfied the leasing of the land is consistent with the object and functions of the University under section 6, or

(b) lease relevant land if—

(i) the term of the lease is no more than 99 years, and

(ii) the leasing of the land is for the purposes of utilities infrastructure or utilities services, or

(c) enter into a planning agreement under the Environmental Planning and Assessment Act 1979, section 7.4 if the agreement does not require the University to dedicate relevant land free of cost.

(5) A lease of land vested in the University, or a renewal of the lease, to a residential college affiliated with the University—

(a) must be for a term that is no more than 99 years, and

(b) must be at a nominal rent, and

(c) must contain a condition that the lease must not be assigned, and