53When rent is payable

53 When rent is payable

53 When rent is payable

(1) The first payment of rent under an aquaculture lease is payable by the date specified by the Minister in the lease statement for the lease.

(2) After the first payment, the rent must be paid in advance, at the lessee’s option—

(a) annually, by a date determined by the Minister and notified to the lessee in writing, or

(b) by instalments.

(3) If the lessee elects to pay the rent by instalments, the Minister must—

(a) determine the amounts of the instalments payable or the way the instalments are calculated, and

(b) determine the dates by which the instalments are payable, and

(c) give the lessee written notice of—

(i) the amounts of the instalments or the way of calculating the amounts of the instalments, and

(ii) the dates by which the instalments are payable.

(4) If the lessee fails to make a payment in accordance with a notice, the Minister may treat the total unpaid balance as an overdue amount of rent.

(5) In this section—

lease statement, for an aquaculture lease means the statement referred to in section 41(3)(a) or 49(4)(a) relating to the lease.