Issuing of new leases
176G Issuing of new leases
On acceptance of the subdivision offer—
any plan of subdivision required under a condition of the offer to be lodged must be registered; and
the designated person may issue the new leases in accordance with the terms of the accepted offer.
Note—See—
section 403T for requirements for acceptance of offers; and
section 153 for a requirement for a lease to state its purpose.
The new leases are issued subject to all relevant registered interests to which the existing lease was subject with the same priorities.
On registration of the new leases, the existing lease is taken to have been wholly surrendered.
The surrender must be registered.
This Act’s bill:Explanatory memorandum
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