15Payments of interest on moneys owing upon sale of Crown land

15 Payments of interest on moneys owing upon sale of Crown land

(1)  There shall be payable on any money owing to the Minister upon a sale of Crown land interest at such rate as the Minister may, in any case, determine, the interest to be calculated at half-yearly rests or as may be specified in the agreement or security document.

(2)  In determining interest under subsection (1) the Minister shall have regard to –

(a) [Section 15 Subsection (2) amended by No. 17 of 1996, Applied:19 Mar 2002] the long term bond rate on Commonwealth securities; and

(b) interest rates payable to lending institutions on mortgage in respect of land; and

(c) any circumstances of the case which the Minister deems relevant.

(3)  Notwithstanding any other provision of this section the rate of interest payable under this section shall not be less than –

(a) 4 per cent per annum in the case of rural land; and

(b) 5 per cent per annum in the case of any other land.