52Calculation of rent for aquaculture leases

52 Calculation of rent for aquaculture leases

52 Calculation of rent for aquaculture leases

(1) The lessee under an aquaculture lease must pay the rent payable under the lease to the Minister.

(2) The first payment of rent for an aquaculture lease that is granted or renewed is calculated as follows—

where—

AP represents the amount to be paid.

DR represents the number of days during the period beginning on the date when the lease begins and ending on the following 30 June.

AR represents the amount of rent payable under the lease for a full year.

(3) For the year in which an aquaculture lease ends, the amount of rent payable is calculated as follows—

where—

AP represents the amount to be paid.

DR represents the number of days during the period beginning on the previous 1 July and ending on the date the lease ends.

AR represents the amount of rent payable under the lease for a full year.

(4) The Minister must make an appropriate adjustment to the rent payments if the rent payable under an aquaculture lease—

(a) is redetermined by the Minister under the Act, section 165, or

(b) otherwise altered under subsection (2) or (3).