10Payments by Forestry corporation to Board

10 Payments by Forestry corporation to Board

[Section 10 Subsection (1) amended by No. 25 of 1994, s. 45 and Sched. 3 ][Section 10 Subsection (2) amended by No. 25 of 1994, s. 45 and Sched. 3 ][Section 10 Subsection (3) amended by No. 25 of 1994, s. 45 and Sched. 3 ]

(1)  The Forestry corporation shall pay to the Board, at such times as the Minister directs, sums of amounts equivalent to –

(a) so much of the amounts of the royalties paid to the Forestry corporation as arise from the additional royalties fixed under section nine ; and

(b) the amount of the additional royalty fixed under that section as assessed on timber in respect of which that royalty is fixed that has been sold by the Forestry corporation and for which payment has been made to the Forestry corporation.

(2)  Paragraph (b) of subsection (1) of this section applies to timber sold under a contract that is entered into by the Forestry corporation after the commencement of this Act and to any timber sold under such a contract that is entered into before that commencement that is delivered to the purchaser thereof after that commencement.

(3)  [Section 10 Subsection (3) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] The sums required to be paid by the Forestry corporation under this section shall be paid out of the sums that would, apart from this subsection, be required under Part V of the Principal Act to be paid into the Public Account, and the sums so required to be paid shall be deemed not to form part of the revenue of the Forestry corporation for the purposes of that Act.