sec.41Payment of deferred rental for first rental period by instalments— Act , s 291

sec.41 Payment of deferred rental for first rental period by instalments— Act , s 291

For section 291 (3) of the Act , this section provides for the payment of the initial rent for a mining lease. The initial rent must be paid in 5 instalments. The amount payable for each instalment is the amount equivalent to 20% of the initial rent rounded to the nearest cent. Each instalment is payable within 20 business days after the following day— for the first instalment—the day that is 3 years after the last day of the first rental period; for the second instalment—the day that is 4 years after the last day of the first rental period; for the third instalment—the day that is 5 years after the last day of the first rental period; for the fourth instalment—the day that is 6 years after the last day of the first rental period; for the fifth instalment—the day that is 7 years after the last day of the first rental period. In this section— initial rent see section 291 (6) of the Act , definition initial rent . (sec.41-ssec.1) For section 291 (3) of the Act , this section provides for the payment of the initial rent for a mining lease. (sec.41-ssec.2) The initial rent must be paid in 5 instalments. (sec.41-ssec.3) The amount payable for each instalment is the amount equivalent to 20% of the initial rent rounded to the nearest cent. (sec.41-ssec.4) Each instalment is payable within 20 business days after the following day— for the first instalment—the day that is 3 years after the last day of the first rental period; for the second instalment—the day that is 4 years after the last day of the first rental period; for the third instalment—the day that is 5 years after the last day of the first rental period; for the fourth instalment—the day that is 6 years after the last day of the first rental period; for the fifth instalment—the day that is 7 years after the last day of the first rental period. (sec.41-ssec.5) In this section— initial rent see section 291 (6) of the Act , definition initial rent .

• (a) for the first instalment—the day that is 3 years after the last day of the first rental period;
• (b) for the second instalment—the day that is 4 years after the last day of the first rental period;
• (c) for the third instalment—the day that is 5 years after the last day of the first rental period;
• (d) for the fourth instalment—the day that is 6 years after the last day of the first rental period;
• (e) for the fifth instalment—the day that is 7 years after the last day of the first rental period.