sec.240CLease of non-rail corridor land to railway manager

### sec.240C Lease of non-rail corridor land to railway manager This section applies if the chief executive subleases a section of non-rail corridor land to a railway manager. When the registrar of titles registers the sublease in the leasehold land register— the sublease is taken to be the next vested right to, or be next in priority to, the perpetual lease of the section of the land to the State; and the railway manager as sublessee is substituted for the State as a party to any lesser registered interest. Also, when the registrar of titles registers the sublease in the leasehold land register— the State’s rights and obligations in an unregistered right in the section of the land are taken to be vested in the railway manager as sublessee; and the railway manager is substituted for the State as a party to the unregistered right. Subsection (2) applies despite the Property Law Act 2023 , section 145 and the Land Act 1994 , section 298 . s 240C ins 2007 No. 6 s 21 amd 2023 No. 27 s 289 sch 3 (sec.240C-ssec.1) This section applies if the chief executive subleases a section of non-rail corridor land to a railway manager. (sec.240C-ssec.2) When the registrar of titles registers the sublease in the leasehold land register— the sublease is taken to be the next vested right to, or be next in priority to, the perpetual lease of the section of the land to the State; and the railway manager as sublessee is substituted for the State as a party to any lesser registered interest. (sec.240C-ssec.3) Also, when the registrar of titles registers the sublease in the leasehold land register— the State’s rights and obligations in an unregistered right in the section of the land are taken to be vested in the railway manager as sublessee; and the railway manager is substituted for the State as a party to the unregistered right. (sec.240C-ssec.4) Subsection (2) applies despite the Property Law Act 2023 , section 145 and the Land Act 1994 , section 298 . - (a) the sublease is taken to be the next vested right to, or be next in priority to, the perpetual lease of the section of the land to the State; and - (b) the railway manager as sublessee is substituted for the State as a party to any lesser registered interest. - (a) the State’s rights and obligations in an unregistered right in the section of the land are taken to be vested in the railway manager as sublessee; and - (b) the railway manager is substituted for the State as a party to the unregistered right.