Royal National Agricultural and Industrial Association of Queensland Act 1971

Subject to this section and part 3A and to the objects and rules of the Association, the Association may, in the discretion and at the direction of the Council, sell, mortgage, encumber, lease, or agree to lease land for the time being vested in the Association.

The Association may not sell land vested in the Association without the Governor in Council’s prior approval.

An approval under subsection (2) may be given on conditions.

A sale of land vested in the Association, other than in accordance with subsection (2), is void.

However, subsection (2) does not prevent the Association from entering into an agreement or other transaction that is conditional on obtaining an approval under subsection (2).

With respect to a mortgage of land vested in the Association the provisions of section 351 (other than of subsection (1)) of the Land Act 1962 shall apply as if the land the subject of the mortgage were granted in trust under that Act.

However, section 351(3) of the Land Act 1962 does not apply to a mortgagee of the Association’s land if, when the land was acquired by the Association (however described), the unimproved value of the land was paid.

In this section—sell includes—

agree to sell; and

grant an option to purchase; and

enter into a transaction that has, as its object, the grant of a right (not immediately exercisable) to purchase or to be given an option to purchase; and

procure a person to enter into a purchase.