Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) If the outstanding rates for an allotment are not paid within the period allowed by a notice given under section 65, the Corporation may sell the allotment.
(2) The sale must be by public auction.
(3) However, if the allotment is held from the Territory under a lease, the sale must be made as approved by the Minister administering the legislation under which the lease was granted.
(4) A public auction must be advertised:
(a) on the Corporation's website; and
(b) on at least 2 separate occasions in a newspaper circulating generally throughout the Territory.
(5) If, before the date of the sale, the outstanding rates (including costs incurred by the Corporation with a view to sale of the allotment) are paid, the Corporation must call off the sale.
(6) If an auction fails, the Corporation may sell the allotment by private contract for the best price that it can reasonably obtain.
(7) If the Corporation sells an allotment under this section, the Corporation may execute a conveyance of the allotment under its common seal.
(8) On registration of the conveyance, title to the allotment vests in the purchaser freed and discharged from all mortgages, charges and encumbrances securing the payment of money.