New South Wales Consolidated Acts

CROWN LANDS (CONTINUED TENURES) ACT 1989 - SECT 4I

4I Minimum half-yearly instalments

(1) A half-yearly instalment of the purchase price of land under this Act is not in any case to be less than the minimum half-yearly instalment payable at the due date.

(2) If a half-yearly instalment of the purchase price of land (whether with or without interest added) is less than the minimum half-yearly instalment, the half-yearly instalment is increased to the minimum half-yearly instalment.

(3) For the purpose of this Act, the "minimum half-yearly instalment" at each due date is determined in accordance with the following formula:

"M" represents the minimum half-yearly instalment.
"B" represents the half-yearly instalment base.
"C" represents the Consumer Price Index number for the last quarter for which such a number was published before the due date for the half-yearly instalment.
"D" represents the Consumer Price Index number for the last quarter for which such a number was published before the half-yearly instalment base adjustment date.

(4) In this section:
"half-yearly instalment base" means $175 or such higher amount as the regulations may from time to time prescribe.
"half-yearly instalment base adjustment date" means 1 July 2004 or, if the half-yearly instalment base is prescribed by the regulations, the date prescribed by the regulations as the half-yearly instalment base adjustment date.