280Restriction on transfer, assignment and parting with

280 Restriction on transfer, assignment and parting with possession (1) This section applies if a memorial in relation to a lease states that this section applies to it. (2) The lessee under the lease, or anyone else with an interest in the lease, must not, during the restricted period for the lease, deal with the lease in either of the following ways without the territory planning authority’s written approval under section 281: (a) assign or transfer the lease; (b) part with possession of the land described in the lease or any part of it. (3) However, a regulation may exempt a lease from this section, generally or in relation to a particular dealing. (4) A dealing mentioned in subsection (2) in relation to a lease that is made or entered into without the territory planning authority’s approval has no effect.

(5) However, subsection (4) does not apply to a dealing registered under the Land Titles Act 1925. restricted period, for a lease, means— (a) for a lease that provides that the lessee cannot deal with the land, or part of the land, described in the lease without the territory planning authority’s prior written approval—the period stated in the lease or, if no period is stated, the term of the lease; or (b) for a lease granted under section 263 (1) by auction, tender or ballot, if the class of people eligible or ineligible for the grant was restricted under section 265—5 years after the day the lease was granted; or (c) for a lease granted under section 263 (1) (d)—the period ending 5 years after the day the lease was granted; or (d) for a lease prescribed by regulation— (i) the period prescribed by regulation for the lease; or (ii) if no period is prescribed—the term of the lease.