(1) A port authority must get the Minister's approval before it grants an easement, lease or licence in respect of vested land.

(2) Subsection (1) does not apply if the easement, lease or licence meets the prescribed criteria.

(3) The period for which a lease or licence of vested land is granted cannot exceed 50 years.

(4) For the purposes of this section and any prescribed criteria, the period for which an easement, lease or licence is granted includes any period for which the easement, lease or licence is renewable pursuant to an option to renew.

(5) A port authority does not have to get approval under section 18 of the Land Administration Act 1997 in order to create or deal with an interest in respect of vested land.