66Agreement for exchange of part of pastoral lease

66 Agreement for exchange of part of pastoral lease (1) A pastoral lessee may apply in writing to the Minister for permission to surrender a part of the lessee's pastoral lease in respect of part of the land the subject of the lease, being a part of the land that adjoins a part of the land included in another pastoral lease. (2) An application under subsection (1) must be accompanied by: (a) a plan showing the land included in the part of the lease to be surrendered and the land comprised in the adjoining pastoral lease; and (b) a written statement of the other lessee that he or she desires, and is prepared to accept, for inclusion in his or her pastoral lease, the land included in the part of the lease to be surrendered; and (c) reasons in writing why the surrender and inclusion are desired. (3) Subject to subsection (4), the Minister may grant permission or refuse permission for a surrender under this section of a part of a Pastoral Land Act 1992 45 (4) The Minister must refuse permission if the area of the part of the land sought to be surrendered exceeds 8% of the total area of the land the subject of the lease. (5) The Minister must give to the applicant and to the lessee of the adjoining pastoral lease written notice of the Minister's decision (6) Where the Minister grants permission under this section, the notice under subsection (5) must specify the variations of the reservations, conditions and other provisions of the existing leases the Minister will require and the amount of rent, if any, payable for the pastoral lease in respect of the remainder of the current financial year and the ensuing financial year, apportioned to the percentage of the land to remain the subject of the lease, unless, in relation to the ensuing financial year, the estimated carrying capacity of the land is sooner redetermined under Division 2. (7) If, within 60 days after receiving a notice given under subsection (5), the applicant pastoral lessee and the lessee of the adjoining pastoral lease inform the Minister in writing of their acceptance of the variations of the reservations, conditions and other provisions specified in the notice, the Minister must, by written notice to them, grant permission for the surrender and inclusion subject to those variations. (8) On the surrender under this section of a part of the land the subject of a pastoral lease, the Minister must lodge with the Registrar- General a memorandum, in the form of an instrument under the Land Title Act 2000, describing: (a) the part of the land to be excised from the pastoral lease and added to the adjoining pastoral lease; and (b) any variations of the reservations, conditions and other provisions of the leases and specified in the notice given under subsection (5). (9) On the lodging of a memorandum under subsection (8), the Registrar-General must register the memorandum and, on the Registrar-General so doing: (a) in the case of the pastoral lease to which the land is to be added – the lease extends over the area of land to be added, subject to such reservations, conditions and other provisions as are set out in the memorandum; and (b) in the case of the lease from which the land is to be excised – the lease ceases to have force or effect over or in relation to the area of land to be excised. Pastoral Land Act 1992 46 (10) Where there is in existence a mortgage or encumbrance over a lease referred to in subsection (9), the mortgage or encumbrance must, subject to the consent of the mortgagee or encumbrancee, which consent must not be unreasonably withheld: (a) in the case of the lease to which the land is to be subject – on and from the endorsement on the lease document of the details of the memorandum referred to in that subsection which relates to the lease, extend over the area of land to be added, subject to such reservations, conditions and other provisions as are set out in the memorandum; and (b) in the case of the lease to which the land is to cease to be subject – cease to have force or effect over or in relation to the area of land to be excised.