22BAnnual rents

22B Annual rents

22B Annual rents

(1) Subject to the regulations, the annual rent for a lease granted under section 21 or 22 is to be as determined from time to time by the Board.

(2) A new determination under this section with respect to a lease the subject of an existing determination takes effect—

(a) on the third anniversary of the date on which the existing determination took effect, or

(b) on such later date as may be specified in the new determination.

(3) Subsection (2) (b) does not permit a determination to specify a date that is earlier than the date on which the determination is made.

(4) The annual rent for a lease is payable in advance.

s 22B: Ins 2004 No 12, Sch 1 [13].