97M
In forceEffect of surrender of lot on profit a prendre
Part 6Dealings directly affecting lots
Division 4BProfits a prendre
97M Effect of surrender of lot on profit a prendre
(1)
If a lot subject to a profit a prendre is surrendered to the State, other than absolutely, the profit a prendre is a transaction that must be recorded on the new deed of grant under the Land Act 1994, section 358(5).
(2)
If a lot subject to a profit a prendre is surrendered absolutely, the profit a prendre is an interest that, under the Land Act 1994, section 331(2), is extinguished from the day the surrender is registered.
This Act’s bill:Explanatory memorandum
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