Non‑concessional status of leases
304 Non‑concessional status of leases
This section applies to a lease if—
the lease includes a statement, in the lease or a memorial to the lease, to the effect that the lease is a market value lease; or
the territory planning authority has lodged a notice that the lease is a market value lease with the registrar‑general for registration under the Land Titles Act 1925.
Examples—par (a)
1 a condition of the lease or a notation or stamp on the lease that it is a market value lease
2 a statement that the lease is not concessional
A person may rely on the statement and deal with the lease as a market value lease.
The territory planning authority must not make a decision that would change the lease’s status as a market value lease.
This section is subject to an order of a court or tribunal.
This Act’s bill:Explanatory statementSecond reading speech
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