sec.10CWorking out amount to be paid to licensee— Act , s 109E

sec.10C Working out amount to be paid to licensee— Act , s 109E

This section provides for how the balance to be paid to a licensee, under section 109E (2) (b) of the Act , is to be worked out. The selling entity for the sale must work out an average sale price (the average price ) for each operating authority sold by dividing the total amount received for all the operating authorities sold by the total number of operating authorities sold. For each operating authority sold for a licensee at the sale, the licensee must be paid an amount equal to the average price less the amount payable under section 109E (2) (a) of the Act into the consolidated fund for the sale of the operating authority. s 10C ins 2003 SL No. 127 s 4 amd 2013 SL No. 121 s 12 (sec.10C-ssec.1) This section provides for how the balance to be paid to a licensee, under section 109E (2) (b) of the Act , is to be worked out. (sec.10C-ssec.2) The selling entity for the sale must work out an average sale price (the average price ) for each operating authority sold by dividing the total amount received for all the operating authorities sold by the total number of operating authorities sold. (sec.10C-ssec.3) For each operating authority sold for a licensee at the sale, the licensee must be paid an amount equal to the average price less the amount payable under section 109E (2) (a) of the Act into the consolidated fund for the sale of the operating authority.