30Annual default arrangement payments

30 Annual default arrangement payments

30 Annual default arrangement payments

(1) A permit holder must, for each annual default arrangement payment period during which the default financial arrangement is in effect for the purposes of the security condition of the permit, pay the Minister—

(a) if the Secretary is satisfied that all leases held under the permit meet the requirements for materials and construction method use on oyster aquaculture areas specified in the Aquaculture Strategy—the annual payment specified in Schedule 3, Part 2, item 9(a), or

(b) otherwise—the annual payment specified in Schedule 3, Part 2, item 9(b).

(2) If the total area of the leased area or areas to which the permit relates is less than 1ha, the annual default arrangement payment payable is the amount payable for 1ha.

(3) The permit holder may pay the annual default arrangement payment—

(a) in a single payment of the total amount of the annual default arrangement payment, or

(b) by quarterly instalments.

(4) The Minister must give each permit holder a written notice (an annual default arrangement payment notice) that includes the following information—

(a) if the permit holder elects to pay in a single payment—

(i) the amount to be paid, and

(ii) the date, being at least 30 days after the date of giving the notice, by which the amount is payable, or

(b) if the permit holder elects to pay by quarterly instalments—

(i) the amount of, or the way of calculating the amount of, each instalment, and

(ii) the dates, the first of which must be at least 30 days after the date of giving the notice, by which the instalments are payable.

(5) If a permit holder fails to pay an amount or instalment in accordance with an annual default arrangement payment notice, the Minister may treat the total unpaid balance of the annual default arrangement payment as an overdue amount of annual default arrangement payment due and payable by the permit holder.

(6) An election by the permit holder to end the default arrangement and enter into an elective financial arrangement under section 24(2) does not affect the liability of the permit holder to pay the class A annual contribution for—