(1)
Section 134(4) is amended as follows:
(a) in
paragraph (a) by inserting after “carrying
sufficient” —
“ authorised ”;
(b)
after paragraph (a) by deleting “or”;
(c)
after paragraph (b) by deleting the full stop and inserting
instead —
“
; or
(c) if a
part is not so capable — the lease will be divided and that
part, together with an adjoining pastoral lease or part of an adjoining
pastoral lease, will become a pastoral business unit under section 142A,
the creation of which has been approved under that section.
”.
(2) After
section 134(4) the following subsections are inserted —
“
(4a) If a division of a lease takes place under
subsection (4)(a) —
(a)
subject to subsection (8), each part of the land under the lease that was
divided is to be held on the same conditions, including the term of the lease,
as it was held before the division;
(b) the
provisions of this Act continue to apply in relation to each part of the land
under the lease that was divided, as if the land in each part subsists in the
lease and the lease is a lease solely of that land; and
(c)
without limiting paragraph (b), section 143(6) to (6i) apply in
relation to each part of the land under the lease that was divided, as if the
land in each part subsists in the lease and the lease is a lease solely of
that land.
(4b) If a division of
a lease takes place under subsection (4)(c) —
(a)
subject to subsection (8), the land remaining in the lease that was
divided and any land in the lease that was divided and included in a pastoral
business unit under section 142A are to be held on the same conditions,
including the term of the lease, as the land was held before the division;
(b) the
provisions of this Act continue to apply —
(i)
in relation to the land remaining in the lease that was
divided, as if that land subsists in the lease and the lease is a lease solely
of that land; and
(ii)
in relation to any land in the lease that was divided and
included in a pastoral business unit under section 142A, as if the land
subsists in the lease and the lease is a lease solely of that land;
and
(c)
without limiting paragraph (b), section 143(6) to (6i)
apply —
(i)
in relation to the land remaining in the lease that was
divided, as if that land subsists in the lease and the lease is a lease solely
of that land; and
(ii)
in relation to any land in the lease that was divided and
included in a pastoral business unit under section 142A, as if the land
subsists in the lease and the lease is a lease solely of that land.
”.
(3) After
section 134(7) the following subsection is inserted —
“
(8) If a transfer results in the effective division of the
land under a lease into parts with different lessees, the annual rent for the
lease is to be apportioned between the parts of the lease in proportion to the
area of each part.
”.