62Surrender of term pastoral lease in exchange for perpetual

62 Surrender of term pastoral lease in exchange for perpetual pastoral lease (1) The lessee under a pastoral lease, other than a perpetual pastoral lease, may, at any time during the currency of the lease, apply in writing to the Minister to surrender the lease in exchange for a perpetual pastoral lease of the whole or a specified part of the land the subject of the existing lease. (2) On receiving an application under subsection (1), the Minister shall (3) The Board shall consider the application and, in particular: (a) the total area of pastoral land held by the applicant lessee; and (b) whether the applicant has complied with the conditions and provisions of or to which the existing lease is subject, Pastoral Land Act 1992 40 and, if the Board is satisfied that the applicant lessee has generally managed or is likely to manage the term pastoral lease in accordance with his or her duty under section 6, it shall recommend to the Minister that a perpetual pastoral lease of the whole or a specified part of the land included in the existing lease be granted to the applicant. (4) The Board may, in making its recommendation under subsection (3), recommend to the Minister that the Minister include in the proposed perpetual lease a specified area of land that: (a) does not constitute an economic area and is suitable for occupation by the applicant lessee; (b) has been used exclusively by the applicant in conjunction with the pastoral lease to be surrendered; and (c) is wholly or partially bounded by, or has at some earlier date been excised from, the land the subject of the pastoral lease to be surrendered. (5) On receiving a recommendation from the Board under subsection (3) the Minister may, by notice in writing to the applicant lessee, advise the applicant of: (a) the description of the land in respect of which the Minister is prepared to grant a perpetual pastoral lease; (b) the fee, if any, that has been fixed under subsection (7) in respect of the application; (c) the rent for the proposed lease; and (d) the reservations, conditions and provisions that the proposed lease will contain. (6) An applicant lessee may, at any time within 3 months after the date on which the notice under subsection (5) is given, or within such further time as the Minister allows, in writing addressed to the Minister, indicate his or her willingness to accept the proposed perpetual pastoral lease on the conditions specified in the notice. (7) The Minister may, in his or her discretion, fix a fee in respect of each application under subsection (1). (8) An applicant lessee may, if he or she: (a) has indicated to the Minister his or her willingness to accept the proposed perpetual pastoral lease in accordance with subsection (6); Pastoral Land Act 1992 41 (b) has paid all rent due and payable under the existing lease; and (c) has paid the fee (if any) fixed under subsection (7), surrender the existing lease and, subject to Division 4, is to be granted a perpetual pastoral lease according to the particulars contained in the notice under subsection (5) commencing immediately on the surrender of the existing lease. (9) A pastoral lease granted under subsection (8) shall preserve the lessee's rights in respect of improvements on land included in the surrendered lease which is the subject of the perpetual pastoral