95DCrown lease

95D Crown lease

(1) On or after the surrender of the Racing Victoria Centre land under section 95C, the Governor in Council, on behalf of the Crown, may grant a lease of the Racing Victoria Centre land to Racing Victoria for the purposes of the administration of horse racing, including—

(a) the use of that land for purposes connected with and for the benefit of horse racing and other sports in Victoria; and

(b) training, research and analytical testing.

(2) A lease under subsection (1) may be for an initial term not exceeding 64 years.

(3) A lease granted under subsection (1)—

(a) may contain provision for the term of the lease to be extended one or more times, but—

(i) each extension of the term must not exceed 64 years; and

(ii) the aggregate of the initial term and any extensions of the term must not exceed 99 years; and

(b) may contain provision for a lessee to remain in occupation of the land under the same terms and conditions as existed under the lease, at the discretion of the lessor, for a period of not more than 3 months from the expiry of the lease; and

(c) is subject to any other covenants, exceptions, reservations and conditions that are determined by the Governor in Council.

S. 95E inserted by No. 92/2005 s. 4.