34Maximum holding, &c., of pastoral land

34 Maximum holding, &c., of pastoral land (1) Subject to section 135, unless: (a) the Minister was, at the time the land or interest was or was to be acquired, of the opinion that it was or would be in the interest of the Territory and advised the person, in writing, accordingly; or (b) the land or interest was lawfully held at the commencement of this Act, a person shall not: (c) hold, either alone or together with an associate, pastoral land that exceeds in aggregate an area of 13,000 square kilometres; (d) have a direct or indirect beneficial interest, either alone or together with an associate, in pastoral land that exceeds in aggregate an area of 13,000 square kilometres;

Pastoral Land Act 1992 19 (e) hold, either alone or together with an associate and, at the same time, have a direct or indirect beneficial interest either alone or together with an associate in, pastoral land the total area of which lands exceeds in aggregate 13,000 square kilometres; or (f) hold, either alone or together with an associate, or have a direct or indirect beneficial interest either alone or together with an associate in, pastoral land, that in either case or together at the same time is worked in association with other pastoral land, whether as one station or otherwise, the total area of which lands exceeds 13,000 square kilometres. (2) For the purposes of this section: (a) a person whose holding of pastoral land or a direct or indirect beneficial interest in pastoral land comprises land or an interest in land held jointly or in common with one or more other persons (not being an associate or associates), shall be deemed to hold or have a beneficial interest (as the case may be) in an area of the land that bears the same proportion to the total area the subject of the joint or common holding or interest as the share of the person bears to the totality of the holding or interest; (b) a direct beneficial interest in pastoral land shall include a vested equitable interest in the ownership of any leasehold or under-leasehold estate in respect of pastoral land, however that interest may arise, whether as beneficiary under or pursuant to a trust, whether express, implied or constructive, or as purchaser under an uncompleted contract for sale, and accordingly may include units in a unit trust estate; (c) an indirect beneficial interest in pastoral land includes, where a company holds the pastoral land or has itself a direct beneficial interest in the pastoral land, the holding of a controlling power or interest in relation to the company, such controlling power or interest comprising: (i) the ability or capacity to control or procure the composition of the board of directors of the company; (ii) the ability or capacity to cast or control, or procure the casting of, not less than 50% of the maximum number of votes that may be cast at a general meeting of the corporation; or (iii) the holding of legal title to, or of a beneficial interest, direct or indirect, whether by medium of interposed