263Granting leases

263 Granting leases (1) The territory planning authority may grant a lease by— (a) auction; or (b) tender; or (c) ballot; or (d) direct sale. (2) A lease granted under this section must include— (a) a statement— (i) if the lease is granted on a concessional basis—that the lease is concessional; or

(ii) if the lease is not granted on a concessional basis—to the effect that the lease is a market value lease; and Examples—statement in lease 1 a condition of the lease 2 a notation or stamp on the lease Examples—statement to the effect that lease is market value lease 1 the lease is a market value lease 2 the lease is not concessional (b) for a land rent lease—a statement that the lease is a land rent Note A grant must be lodged with the registrar-general under the Land Titles Act 1925 (see that Act, s 17 (2)). (3) A lease granted under this section may include provisions— (a) requiring the lessee to develop the land described in the lease, or any unleased land, in a stated way; or (b) requiring the lessee to give security for the performance of any of the lessee’s obligations under the lease.