New South Wales Consolidated Acts

IRRIGATION AREAS (CONVERSION OF LEASES) ACT 1977 - SECT 7

7 Adjustment on redetermination of purchase money

Notwithstanding the provisions of the Principal Act or any other Act, upon an agreement as to, or a determination of, purchase money of land as referred to in section 4 for the purposes of a conversion referred to in section 5 (being an agreement as to, or a determination at, a lower amount of purchase money than the amount of purchase money previously agreed upon or determined for the purposes of that conversion):

(a) the prior agreement as to, or determination of, purchase money for the purposes of that conversion shall cease to have effect,

(b) the purchase money agreed upon or determined as referred to in section 4 shall be, and shall be deemed for the purposes only of paragraph (c) always to have been, the purchase money of that land for the purposes of that conversion,

(c) the Rural Bank of New South Wales, through its Irrigation Agency, shall adjust the instalments of purchase money and interest paid or payable in respect of that land so as to be in accord with the purchase money referred to in paragraph (b) and, following the adjustment of instalments:

(i) apply any excess payment resulting from that adjustment towards any instalments of purchase money and interest payable in respect of the land, or

(ii) if no instalments of purchase money and interest remain payable in respect of the land, or if any excess payment remains after application as referred to in subparagraph (i), refund any excess payment resulting from that adjustment to the holder of the land,

(d) the instalments of purchase money and interest payable in respect of that land after the agreement or determination as referred to in section 4 shall be the instalments as adjusted by the Rural Bank of New South Wales under paragraph (c),

(e) if stamp duty charged on the purchase money previously agreed upon or determined has been paid in respect of that conversion, the Commission shall direct the Commissioner of Stamp Duties to refund to the holder of that land an amount equivalent to the difference between the amount of stamp duty so paid and the amount of stamp duty that would have been payable in respect of the purchase money agreed upon or determined as referred to in section 4, and

(f) the Commissioner of Stamp Duties shall refund stamp duty in accordance with the Commission’s direction.