sec.3ADeclared percentage

sec.3A Declared percentage

The chief executive must declare, by publishing a notice in a newspaper circulating throughout the State, the percentage (the declared percentage ) of the value amount of a residential lease that must be used— to work out the purchase price for converting a residential lease to freehold land under division 2 , subdivision 1 ; or to work out the conversion cost for an unconverted lease under division 3 . The declared percentage— must not be more than 100%; and must be worked out in accordance with the requirements for working out the declared percentage prescribed under a regulation. s 3A prev s 3A ins 2003 No. 52 s 153 sch 2 (om 2005 No. 33 s 11 (retro)) pres s 3A ins 2005 No. 46 s 14 amd 2010 No. 39 s 325 sch 1 pt 2 (sec.3A-ssec.1) The chief executive must declare, by publishing a notice in a newspaper circulating throughout the State, the percentage (the declared percentage ) of the value amount of a residential lease that must be used— to work out the purchase price for converting a residential lease to freehold land under division 2 , subdivision 1 ; or to work out the conversion cost for an unconverted lease under division 3 . (sec.3A-ssec.2) The declared percentage— must not be more than 100%; and must be worked out in accordance with the requirements for working out the declared percentage prescribed under a regulation.

• (a) to work out the purchase price for converting a residential lease to freehold land under division 2 , subdivision 1 ; or
• (b) to work out the conversion cost for an unconverted lease under division 3 .
• (a) must not be more than 100%; and
• (b) must be worked out in accordance with the requirements for working out the declared percentage prescribed under a regulation.