sec.10CPurchasing price

sec.10C Purchasing price

The purchasing price of the land comprised in a lease deemed, pursuant to this part, to be a freeholding lease shall be the amount of the value, as at the date of the receipt by the Minister of the application referred to in section 10B , of that land. For the purposes of this section, the value of land shall be the amount which experienced persons would be willing to pay for the fee simple of the land, assuming that it were unimproved and were offered for sale on such reasonable terms and conditions as a bona fide seller would require. At the option of the lessee, the value of the land comprised in the lease in question shall be determined by— the chief executive; or the valuer-general; or the Land Court. In every case, the lessee shall exercise the lessee’s option under subsection (2) by stating in the application referred to in section 10B or in a separate writing given to the Minister the manner in which the lessee desires the value of the land comprised in the lease in question to be determined. In every case where the lessee requires the valuer-general to determine the value of the land comprised in the lease in question, the chief executive shall request the valuer-general to determine and the valuer-general shall determine that value. In every case where the lessee requires the Land Court to determine the value of the land comprised in the lease in question, the chief executive shall refer, or cause to be referred, to that court for hearing and determination the matter of the amount of the value of that land and thereupon that court shall hear and determine that matter. Where pursuant to subsection (2) the valuer-general or the Land Court determines the value of the land comprised in the lease in question, the chief executive may require the lessee to pay the whole or such part of the costs incurred by it thereby as it may determine and if the lessee fails to pay the whole of the amount which pursuant to this subsection the lessee is required to pay, the chief executive may recover from the lessee in any court of competent jurisdiction, by action as for a debt, the unpaid balance of any such amount. No appeal shall lie against a determination pursuant to subsection (2) of the value of land by the chief executive, the valuer-general or, as the case may be, the Land Court. The valuation of the value of any land determined by the chief executive, the valuer-general or the Land Court pursuant to this section shall have no force or effect save for the purpose for which that valuation is so determined or made. s 10C ins 1980 No. 49 s 13 amd 1992 No. 64 s 3 sch 1 ; 2003 No. 52 s 153 sch 2 (amd 2005 No. 33 s 11 (retro)); 2005 No. 46 s 9 sch ; 2010 No. 39 s 325 sch 1 pt 2 (sec.10C-ssec.1) The purchasing price of the land comprised in a lease deemed, pursuant to this part, to be a freeholding lease shall be the amount of the value, as at the date of the receipt by the Minister of the application referred to in section 10B , of that land. (sec.10C-ssec.1A) For the purposes of this section, the value of land shall be the amount which experienced persons would be willing to pay for the fee simple of the land, assuming that it were unimproved and were offered for sale on such reasonable terms and conditions as a bona fide seller would require. (sec.10C-ssec.2) At the option of the lessee, the value of the land comprised in the lease in question shall be determined by— the chief executive; or the valuer-general; or the Land Court. (sec.10C-ssec.2A) In every case, the lessee shall exercise the lessee’s option under subsection (2) by stating in the application referred to in section 10B or in a separate writing given to the Minister the manner in which the lessee desires the value of the land comprised in the lease in question to be determined. (sec.10C-ssec.2B) In every case where the lessee requires the valuer-general to determine the value of the land comprised in the lease in question, the chief executive shall request the valuer-general to determine and the valuer-general shall determine that value. (sec.10C-ssec.2C) In every case where the lessee requires the Land Court to determine the value of the land comprised in the lease in question, the chief executive shall refer, or cause to be referred, to that court for hearing and determination the matter of the amount of the value of that land and thereupon that court shall hear and determine that matter. (sec.10C-ssec.2D) Where pursuant to subsection (2) the valuer-general or the Land Court determines the value of the land comprised in the lease in question, the chief executive may require the lessee to pay the whole or such part of the costs incurred by it thereby as it may determine and if the lessee fails to pay the whole of the amount which pursuant to this subsection the lessee is required to pay, the chief executive may recover from the lessee in any court of competent jurisdiction, by action as for a debt, the unpaid balance of any such amount. (sec.10C-ssec.3) No appeal shall lie against a determination pursuant to subsection (2) of the value of land by the chief executive, the valuer-general or, as the case may be, the Land Court. (sec.10C-ssec.4) The valuation of the value of any land determined by the chief executive, the valuer-general or the Land Court pursuant to this section shall have no force or effect save for the purpose for which that valuation is so determined or made.