Right to a post-Wolfe freeholding lease
471 Right to a post-Wolfe freeholding lease
The lessee of a non-competitive lease, other than a lease for grazing or agricultural purposes, who has an offer for conversion to freehold approved under section 168 may elect in writing to pay the purchase price by instalments.
If a lessee elects to pay the purchase price by instalments—
the Governor in Council may issue a post-Wolfe freeholding lease for a maximum term of 30 years; and
the lessee may pay the market value of the commercial timber by instalments on terms stated by the Minister; and
the conditions, purpose and encumbrances of the non-competitive lease transfer to the post-Wolfe freeholding lease.
The conditions mentioned in subsection (2)(c) do not include conditions—
the Minister is satisfied are redundant in the context of the post-Wolfe freeholding lease; and
are expressly or impliedly excluded from the post-Wolfe freeholding lease when it is issued.
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