Closer Settlement Act 1957
31Rental
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31 Rental
(1) *[Section 31 Subsection (1) substituted by No. 28 of 1983, s. 8 ][Section 31 Subsection (1) amended by No. 88 of 1983, s. 4 and Sched. 2 ][Section 31 Subsection (1) amended by No. 77 of 1995, s. 3 and Sched. 1 ]*The rent payable in respect of a holding under a settlement lease shall be –
(a) such amount as TDR may determine, being an amount determined as a percentage of the capital value of the holding; and
(b) payable for a period of 12 months commencing on 1st July in any year.
(2) *[Section 31 Subsection (2) amended by No. 88 of 1983, s. 4 and Sched. 2 ]**[Section 31 Subsection (2) amended by No. 77 of 1995, s. 3 and Sched. 1 ]*Capital value for the purposes of this section shall be determined by TDR in each case, but in the case of a holding not before let on a settlement lease shall not exceed by more than 5 per cent the capital cost of the holding at the time when the offer of the settlement lease is made.
(3) *[Section 31 Subsection (3) substituted by No. 28 of 1983, s. 8 ][Section 31 Subsection (3) amended by No. 88 of 1983, s. 4 and Sched. 2 ][Section 31 Subsection (3) amended by No. 77 of 1995, s. 3 and Sched. 1 ]*The rent payable in respect of any buildings on a holding under a settlement lease shall be –
(a) such amount as TDR may determine; and
(b) payable for a period of 12 months commencing on 1st July in any year.
(4) *[Section 31 Subsection (4) substituted by No. 28 of 1983, s. 8 ][Section 31 Subsection (4) amended by No. 88 of 1983, s. 4 and Sched. 2 ][Section 31 Subsection (4) amended by No. 77 of 1995, s. 3 and Sched. 1 ]*In the month of June in each year, TDR shall review the rents payable under this section in respect of a period of 12 months commencing on the following 1st July, and may vary one or both of the rents as it thinks fit.
(4A) *[Section 31 Subsection (4A) inserted by No. 28 of 1983, s. 8 ][Section 31 Subsection (4A) amended by No. 88 of 1983, s. 4 and Sched. 2 ][Section 31 Subsection (4A) amended by No. 77 of 1995, s. 3 and Sched. 1 ]*Where TDR varies one or both of the rents payable under this section in accordance with subsection (4) , it shall, by notice in writing, notify the lessee accordingly.