300Authority may decide if lease concessional on own

300 Authority may decide if lease concessional on own initiative (1) The territory planning authority may on its own initiative decide if a lease is concessional. (2) However, the territory planning authority must not make a decision under subsection (1) unless the authority has— (a) given written notice of the authority’s intention to make the decision to each person with a registered interest in the lease; and

(b) in the notice, invited the person to give written representations about the proposed decision to the authority at a stated address by not later than the end of a stated period of at least 15 working days after the day the notice is given to the person; and (c) considered any representations made in the time given in the (3) If the territory planning authority gives a notice under subsection (2), the authority must make a decision under subsection (1) in relation to the lease not later than 15 working days after the day the period for making representations given in the notice ends. (4) If the territory planning authority is not satisfied that the lease is a (a) the authority must decide that the lease is not concessional; and (b) the lease is taken to be a market value lease. (5) The territory planning authority must give written notice of the decision under subsection (1) to each person with a registered interest in the lease to which the decision relates.