48Term of pastoral lease

48 Term of pastoral lease (1) The term of a pastoral lease granted under this Act shall be: (a) in perpetuity; or (b) subject to section 49, for such period, not exceeding 25 years, as the Minister thinks fit. (2) A pastoral lease, other than a perpetual pastoral lease, which was granted before the commencement of this Act: (a) shall, unless sooner determined under this Act, continue until the expiration of the term of the lease, whether the term is specified in the lease or by an Act under which the lease was granted or saved; and (b) may be the subject of an application referred to in section 49.