66DFirst determination of reserve price

66D First determination of reserve price

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

(1)  The Regulator must, before the first 1 December after this section commences, make under section 66C(2) a reserve price determination that applies to –

(a) so much of the calendar year in which the determination is made as occurs after the determination is made; and

(b) the next 4 calendar years.

(2)  The reserve price, for a taxi area, specified in a reserve price determination made in accordance with subsection (1) that is the reserve price that applies, for so much of the year in which the determination is made as occurs after the determination is made, must not be less than 90% of the reserve price, set out in Schedule 3 to this Act as in force before 1 January 2020, in relation to the taxi area.

(3)  The reserve price, for a taxi area for each of the 4 years, after the end of the calendar year in which this section commences, that is the reserve price specified in a reserve price determination made in accordance with subsection (1) , must not be less than 90% of the reserve price, in relation to the taxi area, for the previous year, as set out in a determination made in accordance with subsection (1) .