37Minimum half-yearly instalments

#### 37 Minimum half-yearly instalments 37 Minimum half-yearly instalments > > (1) This clause applies to a continued incomplete tenure purchase with a purchase price payable by half-yearly instalments. > > > (2) A half-yearly instalment of the purchase price of land is not to be less than the minimum half-yearly instalment payable at the due date. > > > (3) 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. > > > (4) For the purpose of this Part, the minimum half-yearly instalment at each due date is determined in accordance with the following formula— > > > > %20AND%20(No%3D058)%20AND%20(Year%3D2016)%20AND%20(%22Historical%20Document%22%3D0))/g4.gif) > > where— > > > > M is the minimum half-yearly instalment. > > > > B is the half-yearly instalment base. > > > > C is 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 is the Consumer Price Index number for the last quarter for which such a number was published before the half-yearly instalment base adjustment date. > > > (5) If the balance of purchase money and interest owing in respect of the continued incomplete tenure purchase is at any time less than the amount of the minimum half-yearly instalment, the balance only is payable. > > > (6) In this clause— > > > > half-yearly instalment base means $175 or any higher amount that may be prescribed by the regulations. > > > > 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.