24Powers of Board relating to University property

24 Powers of Board relating to University property

24 Powers of Board relating to University property

(1) The Board has the control and management of land and other property vested in the University.

(2) The Board may, for the purposes of this Act—

(a) acquire land and other property, and

(b) agree to carry out conditions of the acquisition of the land or other property, and

(c) grant easements and covenants over land vested in the University, and

(d) subject to subsections (3) and (4), dispose of or otherwise deal with the following—

(i) land vested in the University,

(ii) other property of the University.

(3) The Board must not sell, mortgage, charge or lease relevant land without the Minister’s approval.

(4) Despite subsection (3), the Board does not require the Minister’s approval to—

(a) lease relevant land if—

(i) the term of the lease is no more than 21 years, and

(ii) the Board is satisfied the leasing of the land is consistent with the object and functions of the University under section 8, or

(b) lease relevant land if—

(i) the term of the lease is no more than 99 years, and

(ii) the leasing of the land is for the purposes of utilities infrastructure or utilities services, or

(c) enter into a planning agreement under the Environmental Planning and Assessment Act 1979, section 7.4 if the agreement does not require the University to dedicate relevant land free of cost.

(5) The rule of law against remoteness of vesting does not apply to a condition of the acquisition of property to which the University has agreed.

(6) In this section—

acquire includes acquire by purchase, gift, grant, bequest or devise.

other property means property other than land.

relevant land means land acquired by the University from the State at nominal or less than market value.