Queensland Numbered Acts Queensland Numbered ActsPart 5A—
omit, insert—
'In this part—
lease means—
(a) a standard lease; or
(b) a townsite sublease.
lessor means—
(a) for a standard lease—the trustee of the lease land; or
(b) for a townsite sublease—the lessee of the townsite lease under which the townsite sublease is granted.
'If, in relation to the mortgaging of a lease over Torres Strait Islander land, there is an inconsistency between a provision of this part and the Land Title Act, part 6, division 3, or the Property Law Act 1974, the provision of this part prevails to the extent of the inconsistency.
'(1) This section applies if a mortgagee enters into possession of a lease granted over Torres Strait Islander land.
'(2) The mortgagee must give the lessor for the lease written notice of the fact within 28 days after entering into possession.
'(3) The mortgagee must arrange to sell the lease within—
(a) 4 years after entering into possession of the lease; or
(b) the longer period agreed in writing between the mortgagee and lessor.
'(4) For subsection (3)(b)—
(a) the period mentioned in subsection (3)(a) may be extended or further extended for not more than 2 years at a time; and
(b) an extension or further extension of the period must be agreed in writing before the period or further extended period would otherwise have ended.
'(5) In considering whether to agree to an extension or further extension, the lessor must have regard to the measures the mortgagee has already taken to sell the lease.
'(6) If the mortgagee does not sell the lease within the period mentioned in subsection (3)(a), the lessor may sell the lease.
'(7) The mortgagee or lessor may sell the lease only to a person who, under this Act, would be entitled to a grant of the lease.
'(8) The lessor must not sell the lease for less than—
(a) the amount owing to the mortgagee by the lessee under the mortgage on the day the lease is sold; or
(b) if the lessor and the mortgagee agree the lease may be sold for an amount less than the amount mentioned in paragraph (a)—the agreed amount.
'(9) In this section—
lessee means—
(a) for a standard lease—the lessee under the lease; or
(b) for a townsite sublease—the sublessee under the sublease.
'(1) This section applies if, under section 80B, a lessor sells a mortgaged lease.
'(2) The lessor must apply the proceeds of the sale, under the Property Law Act 1974, as if the lease were sold by the mortgagee and the amount of the sale were received by the mortgagee.
'(3) However, in applying the proceeds of the sale, the lessor must firstly apply the proceeds to the payment of all costs, charges and expenses properly incurred by the lessor for the sale or any attempted sale.'.