66CReserve price determinations

66C Reserve price determinations

[Section 66C of Part 3 Inserted by No. 28 of 2020, s. 46, Applied:30 Dec 2020]

(1)  For the purposes of this Act, the reserve price, for an owner-operator taxi licence for the taxi area to which that licence relates, is –

(a) for so much of the year in which this section commences as occurs before the first determination is made under this section – the reserve price, set out in Schedule 3 of this Act as in force before 1 January 2020, in relation to the taxi area; and

(b) for so much of the year in which this section commences as occurs after the first determination is made under this section – the reserve price, in relation to the taxi area, that is specified, in accordance with section 66D(2) , in a determination under subsection (2) ; and

(c) for any other year – the reserve price specified for that year in a determination under subsection (2) .

(2)  The Regulator –

(a) must make a reserve price determination if required to do so under section 66D ; and

(b) if subsection (10)(b) does not apply, must make a reserve price determination if required to do so under subsection (7) ; and

(c) must make a reserve price determination if the Regulator gives a notice under subsection (8) .

(3)  A reserve price determination must –

(a) determine, for each taxi area for a calendar year to which the determination relates, a reserve price for owner-operator taxi licences in relation to the taxi area; and

(b) include a statement of the reasons for the reserve price.

(4)  The object of a reserve price determination is to –

(a) assist in the development of efficient pricing and competition for taxi licences; and