38Ongoing 6‑monthly fees for developers given residential land (near‑new dwelling interests) certificates

38 Ongoing 6‑monthly fees for developers given residential land (near‑new dwelling interests) certificates

(1) The amount of the fee, payable by a developer mentioned in subsection 113(2A) of the Foreign Acquisitions Act at the end of a 6 month period covered by that subsection, is the total of the amounts that are payable under subsection (2) of this section for each near‑new dwelling acquisition that occurs during the period.

Note: Subsections 113(3) and (4A) of the Foreign Acquisitions Act define 6 month period and near‑new dwelling acquisition.

(2) The amount that is payable for a near‑new dwelling acquisition is equal to the fee that would be worked out under Division 2 of this Part, at the time of the acquisition, if the acquisition were: (a) an action covered by that Division; and (b) an acquisition of an interest in residential land on which there are no established dwellings.