Industrial Development Act Amendment Act 1987 (Qld)

1057 ( ueeztsfau' ANNO TRICESIMO SEXTO EL,IZA ET AE SECUNDAE R EGINAE J'T ® 77 V, An Act to am end the Industrial Development Act 1963-1981 in certain particulars [ASSENTED TO 1ST DECEMBER, 1987]

1058 Industrial Development Act Amendment Act 1987, No. 77 BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. Short title and citation . (1) This Act may be cited-as the Industrial Development Act Amendment Act 1987. (2) In this Act the Industrial Development Act 1963-1981 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Industrial DevelopmentAct 1963-1987. 2. New s. 6c. The Principal Act is amended by inserting after section 6B the following section:- "6c. Sale of surplus land. (1) For the purposes of this section "surplus land" means land held by or on behalf of the Corporation which has been acquired by the Corporation for valuable consideration for the purposes of this Act whether at the material time held in fee simple or surrendered to the Crown and which is not required for carrying out the Corporation's functions under this Act. (2) Subject to the condition imposed by subsection (3), the Corporation may sell any estate in fee simple in surplus land at its market value- (a) by public tender or auction on a cash basis; (b) by private treaty with a Department of the Government of the Commonwealth or of the State or a statutory body constituted under any Act of the Commonwealth or of the State; or (c) by such other means, embodying sound commercial terms, as are authorized by the Governor in Council by Order in Council. '(3) (a) It shall be a condition of each sale entered upon pursuant to subsection (2) that the sale shall be subject to the Governor in Council approving the sale. (b) If the Governor in Council refuses to approve a sale entered upon pursuant to subsection (2) or fails within the time agreed upon by the parties for the approval to be given (or, if a time has not been agreed upon, within a reasonable time) the sale shall not proceed and any moneys paid in respect of the purchasing price to or for the benefit of the Corporation shall be refunded.".

Industrial Development Act Amendment Act 1987, No. 77 1059 3. Amendment of s. 25A. Industrial Estates Construction Fund. Section 25A of the Principal Act is amended in subsection (1) by adding at the end of provision (c) the following expression and words:- <L (d) the proceeds of sale of land by the Corporation pursuant to section 6c".