(1) The controlling authority of a stock watering place may, following auction, public tender or other means approved by Local Land Services, grant a lease of the watering place.
(2) The controlling authority must not grant a lease of a stock watering place for a period (including any period for which the lease could be extended or renewed by the exercise of an option) exceeding the period prescribed by the regulations.
(3) A lease of a stock watering place may, with the approval of the controlling authority of that place, be transferred to another person.