Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) On the commencement of this Act, all perpetual pastoral leases granted under the Crown Lands Act 1992 and in existence immediately before the commencement are, by virtue of this section, perpetual pastoral leases as if granted under this Act on that commencement and are subject not only to the reservations and conditions applicable to them under this Act but also to those conditions not relating to the development of the leases applicable to them immediately before the commencement, to the extent that they are not inconsistent with this Act.
(2) The Minister may, by notice in writing to the lessee of a pastoral lease specified in Schedule 1, declare that the pastoral lease, on and from the date specified in the notice, shall be a perpetual pastoral lease subject to such reservations and conditions (in addition to those applicable to perpetual pastoral leases by virtue of this Act) as the Minister specifies in the notice and subject to section 131, on and from that date the pastoral lease shall for all purposes be taken to be a perpetual pastoral lease as if granted as such under this Act on that date.
(3) If the Minister does not, within the period of 12 months after the commencement of this Act, exercise his or her power under subsection (2) in relation to a pastoral lease specified in Schedule 1, the pastoral lease becomes a perpetual pastoral lease on the expiration of the period as if granted as such under this Act, and is subject not only to the reservations and conditions applicable to it by virtue of this Act but also to those applicable to it immediately before the expiration of the period, to the extent that they are not inconsistent with this Act or its status as a perpetual pastoral lease.