Queensland Consolidated Acts

CENTRAL QUEENSLAND COAL ASSOCIATES AGREEMENT AND QUEENSLAND COAL TRUST ACT 1984 - SECT 13

13 Power to grant mortgages of interest in special lease

(1) Notwithstanding the provisions of the Land Act 1962 , a holder may execute a memorandum of mortgage over the holder’s interest as a tenant in common in the special lease in the form prescribed under that Act or to the like effect and the execution of that mortgage shall not be a breach of the conditions of the special lease by reason only that the mortgage is not over the whole of the holding.

(2) Subject to subsection (3) , the provisions of the Land Act 1962 that apply in respect of a mortgage of a special lease granted under that Act shall apply in respect of a mortgage granted pursuant to subsection (1) and for that purpose references in those provisions to ‘holdings’ shall be construed as references to ‘interest as a tenant in common in the special lease’.

(3) In relation to a mortgage granted pursuant to subsection (1) , the rights of a mortgagee to enter and take possession under the Land Act 1994 shall not be construed as conferring on the mortgagee under the mortgage any greater right than those of the holder.