4Regulations respecting sale, exchange, and partition

4 Regulations respecting sale, exchange, and partition

[Section 4 Amended by 25 Geo. V No. 78 ]

(1)  Every sale shall be made at the best price that can reasonably be obtained.

(2)  Every exchange and every partition shall be made for the best consideration in land, or in land and money, that can reasonably be obtained.

(3)  A sale may be made in one lot or in several lots, but before any sale shall take place by private contract, the lot or lots shall be submitted for sale by public auction.

(4)  On a sale the tenant for life may fix reserve biddings and buy in at an auction.

(5)  A sale, exchange, or partition may be made subject to any stipulations respecting title or evidence of title or other things.

(6)  On a sale, exchange, or partition any restriction or reservation with respect to building on or other user of land or with respect to or for the purpose of the more beneficial working thereof, or with respect to any other thing, may be imposed or reserved and made binding, as far as the law permits, by covenant, condition, or otherwise, on the tenant for life and the settled land, or any part thereof, or on the other party and any land sold or given in exchange or on partition to him.

(7)  Settled land in Tasmania shall not be given in exchange for land out of Tasmania.