Commonwealth Consolidated Regulations

TREATY OF PEACE REGULATIONS - REG 58AA

(1)

Notwithstanding anything contained in the last preceding regulation, but subject to this regulation:

(a)

the balance of purchase money outstanding in respect of the sale of a property under a contract entered into in accordance with the last preceding regulation shall, notwithstanding anything contained in that contract, be paid by quarterly instalments calculated in accordance with subregulation (3) or subregulation (4), as the case requires, of this regulation; and

(b)

interest calculated in accordance with subregulation (5) or subregulation (6), as the case requires, of this regulation shall be paid quarterly on the unpaid balance of purchase money outstanding on the first day of the last preceding quarter.

(2)

The purchaser of a property under a contract referred to in the last preceding subregulation shall complete the payment of the full amount of the purchase money and interest on the purchase money on or before the thirtieth day of June, One thousand nine hundred and seventy-five.

(3)

Where the purchaser of a property is an Australian soldier, the amount of each instalment payable by him under subregulation (1) of this regulation shall, in respect of each One thousand pounds of the total amount of purchase money that was outstanding after the payment of the deposit and any other amount required to be paid by the purchaser as a condition precedent to the right to possession of the property, be calculated at the rate specified in column 2 of the Third Schedule to these Regulations opposite to the rate specified in column 1 of that Schedule which is the average price per ton of plantation hot-air dried copra during the last preceding quarter.

(4)

Where the purchaser of a property is not an Australian soldier, the amount of each instalment payable by him under subregulation (1) of this regulation shall, in respect of each One thousand pounds of the total amount of purchase money that was outstanding after the payment of the deposit and any other amount required to be paid by the purchaser as a condition precedent to the right to possession of the property, be calculated at the rate specified in column 4 of the Third Schedule to these Regulations opposite to the rate specified in column 1 of that Schedule which is the average price per ton of plantation hot-air dried copra during the last preceding quarter.

(5)

Where the purchaser of a property is an Australian soldier, the rate of interest payable by him under subregulation (1) of this regulation shall be the rate specified in column 3 of the Third Schedule to these Regulations opposite to the rate specified in column 1 of that Schedule which is the average price per ton of plantation hot-air dried copra during the last preceding quarter.

(6)

Where the purchaser of a property is not an Australian soldier, the rate of interest payable by him under subregulation (1) of this regulation shall be the rate specified in column 5 of the Third Schedule to these Regulations opposite to the rate specified in column 1 of that Schedule which is the average price per ton of plantation hot-air dried copra during the last preceding quarter.

(7)

For the purposes of this regulation, the average price per ton of plantation hot-air dried copra during the last preceding quarter means:

(a)

one-third of the sum of the amounts declared, for the purposes of the Customs (Copra Export) Tariff 1958 of the Territory of Papua and New Guinea, by the Administrator of the Territory of Papua and New Guinea in each of the three months preceding the date on which the payment of an instalment or interest is to be made, to be the assessed value per ton of copra exported from the Territory during each of those months; or

(b)

where, in any month, the Administrator does not declare an amount for the purposes of that Tariff, an amount declared by the Minister, by notice in the Government Gazette of the Territory of Papua and New Guinea, to be the average price per ton of plantation hot-air dried copra during the three months preceding the date on which the payment of an instalment or interest is to be made.