New South Wales Consolidated Acts

MURRUMBIDGEE IRRIGATION AREAS OCCUPIERS RELIEF ACT 1934 - SECT 9

9 Determination of capital value in certain cases

(1) Where an application made under section 143A of the Crown Lands Consolidation Act 1913 for the determination of the capital value of:

(a) an irrigation farm lease of an area exceeding five acres, or

(b) a non-irrigable lease used for farming purposes of an area exceeding five acres,

within Yanco No 1 Irrigation Area or Mirrool No 1 Irrigation Area, before the commencement of the Irrigation (Amendment) Act 1931 , was, after such commencement, withdrawn by an occupier at the instance of the Commission the Minister may determine the capital value of the holding as at the date of the said application.

(2) In determining the capital value the Minister shall have regard to the following provisions:

(a) the capital value of the holding shall be the fair market value of the land at the date of the application irrespective of any improvements thereon,

(b) where the value of the holding has become reduced by any acts, defaults or neglects of the lessee thereof, the capital value shall be determined as if such reduction in value had not taken place.

(3) Where the Minister determines the capital value of any such holding, one-twentieth of the same shall be deemed to be the annual rental of the holding as from the date of the said application.