Queensland Consolidated Acts Queensland Consolidated Acts(1) The lessee of a grazing homestead perpetual lease who has an application for conversion to freehold approved under section 168 may elect in writing to pay the purchase price by a single payment or by instalments.
Editor's note—
Under section 168, the chief executive must give written notice of the chief executive's decision on a conversion application.
(2) If a lessee elects to pay the purchase price by a single payment, the lessee is entitled to the discount prescribed under the regulations.
(3) If a lessee elects to pay the purchase price by instalments—
(a) the Governor in Council may issue a grazing homestead freeholding lease for a maximum term of 30 years; and
(b) the lessee may pay the market value of the commercial timber by instalments on terms stated by the Minister; and
(c) the conditions, purpose and encumbrances of the existing grazing homestead perpetual lease transfer to the grazing homestead freeholding lease.
(4) The conditions mentioned in subsection (3)(c) do not include conditions that—
(a) the Minister is satisfied are redundant in the context of the grazing homestead freeholding lease; and
(b) are expressly or impliedly excluded from the grazing homestead freeholding lease when it is issued.