Interests in commercial corridor land continue after acquisition
240AA Interests in commercial corridor land continue after acquisition
This section applies if—
the acquired land mentioned in section 240(1)(a) is commercial corridor land; and
the land—
becomes unallocated State land; and
is subleased to a railway manager under section 240(4).
All interests in the acquired land, other than the interest of the owner, at the time the acquired land becomes unallocated State land continue in the sublease on the same terms as an interest in the acquired land, with the railway manager as sublessee substituted for the owner of the acquired land as a party to the interest.
Subsection (2) applies despite the Land Act 1994, section 331(2).
The registrar of titles must record each registered interest continued under subsection (2) on the sublease in the leasehold land register.
In this section—
owner, of acquired land, means the owner of the acquired land before it becomes unallocated State land.
registered interest means an interest registered under the Land Title Act 1994.
This Act’s bill:Explanatory memorandum
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