sec.503ICredit for rent paid

### sec.503I Credit for rent paid If an application to convert to freehold is approved, the following amounts are credited to the cost of freeholding— rent paid on the perpetual town lease (non-competitive lease) in excess of the amount that would have been payable if the lease had remained a miners homestead; rent paid for the period after the application was lodged. If the rent paid is more than the cost of freeholding, the overpaid amount must be refunded to the lessee together with interest at the rate prescribed under a regulation. The interest is payable from the date the excess rent was received to the day the amount of the excess is refunded. s 503I ins 1997 No. 41 s 5 amd 1998 No. 48 s 17 sch (sec.503I-ssec.1) If an application to convert to freehold is approved, the following amounts are credited to the cost of freeholding— rent paid on the perpetual town lease (non-competitive lease) in excess of the amount that would have been payable if the lease had remained a miners homestead; rent paid for the period after the application was lodged. (sec.503I-ssec.2) If the rent paid is more than the cost of freeholding, the overpaid amount must be refunded to the lessee together with interest at the rate prescribed under a regulation. (sec.503I-ssec.3) The interest is payable from the date the excess rent was received to the day the amount of the excess is refunded. - (a) rent paid on the perpetual town lease (non-competitive lease) in excess of the amount that would have been payable if the lease had remained a miners homestead; - (b) rent paid for the period after the application was lodged.