57Restrictions on disposal, &c., of Studio Theatre lot and UTAS lot

57 Restrictions on disposal, &c., of Studio Theatre lot and UTAS lot

(1)  In this section –

relevant part means the part, of the UTAS lot, to which an offer referred to in subsection (3) relates.

(2)  The University may not transfer to a person, or dispose of to a person or entity other than the Crown, all or part of the Studio Theatre lot.

(3)  The University, before deciding to sell all or any part of the UTAS lot, must first offer to sell to the Crown the relevant part, for the same price, and on and subject to the same terms and conditions, on which the University is prepared to sell the relevant part to any other person.

(4)  An offer to the Crown under subsection (3) must be in writing, delivered to the Secretary, stating –

(a) all the terms and conditions of the offer, including the price; and

(b) a place for acceptance of the offer that is within a radius of 5 km from Parliament House.

(5)  The Crown may accept an offer made to it under subsection (3) by notice in writing delivered to the University at the place for acceptance stated, in accordance with subsection (4)(b) , in the offer, within 90 days after the date on which the offer is made to the Crown.

(6)  If the Crown does not accept, in accordance with subsection (5) , an offer to sell the relevant part, the University –

(a) may sell the relevant part –

(i) at a price that is equal to or greater than the price specified in the offer; and

(ii) on substantially the same terms and conditions as the offer; and

(b) may not sell the relevant part –

(i) at a price that is below the price specified in the offer; and

(ii) on terms or conditions that are not substantially the same terms and conditions as the offer –