Northern Territory Numbered Acts

PASTORAL LAND LEGISLATION AMENDMENT ACT 2018 (NO 20 OF 2018) - SECT 8

After Part 4 heading

insert

Division 1AA     Definitions

30A     Definitions

In this Part

"lease transaction", see section 30B(1).

"sublease" includes any agreement that confers possession of pastoral land.

"sublessee" includes any person deriving possession under a sublease of pastoral land.

30B     Meaning of lease transaction

    (1)     A lease transaction is any one of the following:

    (a)     transfer of a pastoral lease;

    (b)     sublease of all or part of land the subject of a pastoral lease;

    (c)     transfer a sublease;

    (d)     variation or extension of a sublease;

    (e)     any other transaction that results in a pastoral lessee or sublessee otherwise parting with possession of pastoral land.

    (2)     For this section, where a body corporate is a lessee or sublessee, any change in the following is taken to be a transfer of the lease or sublease:

    (a)     the ability or capacity of one or more persons to control or procure the composition of the board of directors of the lessee or sublessee;

    (b)     the ability or capacity of one or more persons to cast or control, or procure the casting of 15% or more of the maximum number of votes that may be cast at a general meeting of the lessee or sublessee;

    (c)     the holding of legal title to, or of a beneficial interest, direct or indirect, whether by medium of interposed corporations or trusts or otherwise, in 15% or more of the shares in the lessee or sublessee.