39Forfeited Crown lands securities

#### 39 Forfeited Crown lands securities 39 Forfeited Crown lands securities > > (1) In this section, appropriate person, in relation to any land, means— > > > > > (a) except as provided by paragraph (b), the Minister administering the Act under which the land is held, or > > > > > (b) the person prescribed in relation to that land by the regulations for the purposes of this subsection. > > > (2) If land which is subject to a mortgage, lien or charge in favour of the Authority is forfeited under the Crown Lands Acts— > > > > > (a) the land vests in the Authority for a period of 2 years commencing with the date on which the forfeiture takes effect, or for such longer period after that date as the appropriate person determines, and > > > > > (b) within one month after the date the forfeiture takes effect, or such longer period as may be agreed to by the Authority, the appropriate person shall notify the Authority in writing whether or not the appropriate person intends to discharge the Authority’s claim, and > > > > > (c) if the appropriate person notifies the Authority of an intention to discharge the Authority’s claim, the land, on receipt by the Authority of that notification— > > > > > > > (i) is divested from the Authority, and > > > > > > > (ii) becomes subject to the provisions of the Crown Lands Acts, as if a loan had not been made by the Authority, > > > > > > and the amount of the claim shall be paid to the Authority in pursuance of that notification by the appropriate person before the end of the then current financial year, and > > > > > (d) if the appropriate person notifies the Authority that it does not intend to discharge the Authority’s claim or requests the Authority to sell the land, the Authority may sell the land to any person. > > > (3) The purchaser of land sold under this section shall hold it subject to any conditions prescribed by the Crown Lands Acts which, at the date of the forfeiture, were binding on the former holder but freed from any liability for any breach before the sale of any such conditions. > > > (4) The purchaser has 6 months from the time of the sale to comply with any unfulfilled improvement conditions in relation to the land. > > > (5) The proceeds of any sale under this section shall be applied— > > > > > (a) firstly, in payment of any outstanding money due under the Crown Lands Acts at the date of the forfeiture, not exceeding one year’s rent or instalment, as the case may be, and > > > > > (b) secondly, in satisfaction of the claim of the Authority, and > > > > > (c) thirdly, in payment of any further amount due to the Crown at the date of the forfeiture. > > > (6) Any balance remaining after the application of the proceeds of a sale in accordance with this section shall be paid into the Consolidated Fund. > > > (7) If the proceeds of any sale made under subsection (2) (d) are, after being applied in accordance with this section, insufficient for payment in full of any further amount due to the Crown referred to in subsection (5) (c), the balance due to the Crown is appropriated by this section for payment out of the Consolidated Fund. > > > (8) If the Authority at any time within the period referred to in subsection (2) (a) gives notice in writing to the appropriate person that it is unable to sell the land, the land may, subject to subsection (9), be disposed of as Crown land under the Crown Lands Acts, and any money received by the appropriate person in respect of the improvements on the land shall, to the extent of the Authority’s claim, be paid to the Authority. > > > (9) At any time before the appropriate person notifies that the land is available for any class of holding the Authority may revoke in writing any notice given by it under subsection (8) and that subsection ceases to have any effect in respect of the land. > > > (10) A sale made under subsection (2) (d) may be made on such terms and conditions as the Authority thinks fit. > > > (11) On any sale under subsection (2) (d), the purchaser is not bound to see or inquire as to whether a case has arisen to authorise the sale. > > > (12) The Authority may, while any land is vested in it under this section, lease or otherwise manage the land and any amount received by the Authority in respect of the land, as rent or otherwise, shall be applied in reduction of the amount due to the Authority in respect of the land.