Queensland Consolidated Acts Queensland Consolidated Acts(1) If the grantees forfeit the lease, the grantees must pay to the person who was the lessee the amount equal to the value of the lease land, and any lawful improvements on the land, on the day the lease is forfeited (the maximum amount) less any amounts deducted from the maximum amount under section 37V.
(2) The value of the lease land is the amount as decided by the grantees using a valuation methodology mentioned in section 37J(1)(a)(iii).
(3) The value of any lawful improvements on the lease land must be assessed as the market value of the improvements in a sale of a lease, of the same term and tenure as the forfeited lease.
(4) Subject to subsections (2) and (3), the grantees must decide the amount payable to the person.
(5) The grantees must decide the amount payable as soon as practicable after giving the person notice that the lease is forfeited.
(6) On deciding the amount payable, the grantees must give the person written notice of the decision.
(7) The notice must state--
(a) the amount; and
(b) that the person may appeal against the decision and how the person may appeal.
(8) This section is subject to section 37U.