103E—Liability for site contamination subject to certain agreements
(a)
site contamination exists at a site; and
(b) land
that is all or portion of the site has been sold or transferred (whether
before or after the commencement of this Part or this Act) subject to an
agreement in writing under which the purchaser or transferee will assume
liability for all or a specified part of the site contamination at the site,
the purchaser or transferee is to be taken to have assumed the vendor's or
transferor's liability for the site contamination in accordance with the
agreement and this Act applies as if the purchaser or transferee (and not the
vendor or transferor) had caused the site contamination or, as the case may
be, the specified part of the site contamination.
(2)
Subsection (1) does not apply to an agreement—
(a)
unless, in the case of an agreement entered into after the commencement of
this Part—
(i)
the person has first given the purchaser or transferee a
notice in a form approved by the Authority for the purposes of this section
setting out the legal effect of the agreement under this section; and
(ii)
a copy of the agreement is lodged with the Authority; or
(b) if
the Environment, Resources and Development Court determines, on application by
the Authority, that the purchaser or transferee did not acquire the land in a
genuine arms length transaction.